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<SEC-DOCUMENT>0000949377-05-000151.txt : 20050308
<SEC-HEADER>0000949377-05-000151.hdr.sgml : 20050308
<ACCEPTANCE-DATETIME>20050308135935
ACCESSION NUMBER:		0000949377-05-000151
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		10
CONFORMED PERIOD OF REPORT:	20041231
FILED AS OF DATE:		20050308
DATE AS OF CHANGE:		20050308
EFFECTIVENESS DATE:		20050308

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			ROYCE FOCUS TRUST INC
		CENTRAL INDEX KEY:			0000825202
		IRS NUMBER:				592876580
		STATE OF INCORPORATION:			MD
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		N-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05379
		FILM NUMBER:		05666292

	BUSINESS ADDRESS:	
		STREET 1:		1414 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019
		BUSINESS PHONE:		2125084578

	MAIL ADDRESS:	
		STREET 1:		C/O ROYCE & ASSOCIATES, LLC
		STREET 2:		1414 AVENUE OF THE AMERICAS
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10019

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ROYCE GLOBAL TRUST INC
		DATE OF NAME CHANGE:	19961203

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	ALL SEASONS GLOBAL FUND INC
		DATE OF NAME CHANGE:	19950803

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	AMERICAS ALL SEASON FUND INC
		DATE OF NAME CHANGE:	19920703
</SEC-HEADER>
<DOCUMENT>
<TYPE>N-CSR
<SEQUENCE>1
<FILENAME>royce_focus.htm
<TEXT>
<html>
<body>
<p align="right"><font face="Serif" size="2"></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="4">
<b>UNITED STATES</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="4">
<b>SECURITIES AND EXCHANGE COMMISSION</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="3">
Washington, D.C. 20549</font></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="4">
<b>FORM N-CSR</b></font></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
<b>CERTIFIED SHAREHOLDER REPORT</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
<b>OF</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
<b>REGISTERED MANAGEMENT INVESTMENT COMPANIES</b></font></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
Investment Company Act file number: 811-05379</font></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
Name of Registrant: Royce Focus Trust, Inc.</font></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
Address of Registrant: 1414 Avenue of the Americas</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
New York, NY 10019</font></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Serif" size="2">Name and address
 of agent for service:</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="left"><font face="Serif" size="2">John E. Denneen,
 Esquire</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Serif" size="2">1414 Avenue
 of the Americas</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="left"><font face="Serif" size="2">New York,
 NY 10019</font></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
Registrant&#146;s telephone number, including area code: (212) 486-1445</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
Date of fiscal year end: December 31</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
Date of reporting period: July 1, 2004 &#150; December 31, 2004</font></td>
</tr>
<tr>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="4"><font face="Serif" size="2"><b>Item 1:
 Reports to Shareholders</b></font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" bgcolor="#004585"><br><br><br><br><br></td>
<td colspan="4">&#160;</td>
</tr>
<tr valign="middle"><td colspan="3" bgcolor="#004585"><hr size="2" color="#ffffff"></td>
<td width="17%" colspan="2"><hr size="2" color="#004585"></td>
<td align="center" valign="middle"><font face="Serif" color="#004585" size="6">A <small>N N U A L</small> R <small>E P O R T</small></font></td>
<td width="17%"><hr size="2" color="#004585"></td>
</tr>
<tr valign="middle"><td colspan="3" bgcolor="#004585"></td>
<td colspan="2"></td>
<td align="center" valign="middle"><font face="Serif" color="#004585" size="5">2004</font></td>
<td>&#160;</td>
</tr>
<tr>
<td valign="top" width="5%" bgcolor="#004585"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td valign="top" align="center" width="27%" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#fffcf6"><b>Royce Value Trust<br><br><br>
Royce Micro-Cap Trust<br><br><br>
Royce Focus Trust<br><br><br><hr size="1" color="#ffffff" noshade width="20%"><br><br>
www.roycefunds.com</b><br><br><br><br><br>
<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>
</font>
</td>
<td valign="top" width="4%" bgcolor="#004585"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td colspan="5" valign="middle">&#160;</td></tr>
<tr>
<td valign="top" width="5%" bgcolor="#004585"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td valign="top" align="center" width="12%" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#fffcf6">&#160;<br><br><br></font>
</td>
<td valign="top" width="4%" bgcolor="#004585"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td colspan="4" align="center" valign="bottom"><div align="center"><font color="#D1D7E5" face="Serif" size="7">The</font><font color="#004585" face="Serif" size="7">Royce</font><font color="#D1D7E5" face="Serif" size="7">Fund</font></div></td>
</tr>
<tr>
<td valign="top" bgcolor="#004585"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td valign="top" align="center" width="27%" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#fffcf6"><b>&#160;</b>
<br><br><br><br><br><br><br><br><br></font>
</td>
<td valign="top" bgcolor="#004585"><font color="#ffffff" face="Sans-Serif">&#160;</font></td>
<td colspan="4" align="center" valign="top"><hr size="1" noshade color="#000000" width="58%"><font face="Serif" size="2"><b>V<small>ALUE</small> I<small>NVESTING IN</small> S<small>MALL</small> C<small>OMPANIES FOR</small> M<small>ORE</small> T<small>HAN</small> 30 Y<small>EARS</small></b></font><hr size="1" noshade color="#000000" width="58%"></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<p><font face="Sans-Serif" color="#004585"><b>A FEW WORDS ON CLOSED-END FUNDS</b></font><hr size="2" color="#004585"></p>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td width="2%" bgcolor="#bec1d9">&#160;</td>
<td colspan="2" bgcolor="#bec1d9"><div align="justify"><font face="Sans-Serif" color="#004585" size="2">
<br><b><i>Royce & Associates, LLC manages three closed-end funds: Royce Value Trust, the first small-cap value closed-end fund offering; Royce Micro-Cap Trust, the only micro-cap closed-end fund; and Royce Focus Trust, a closed-end fund that invests primarily in a limited number of small-cap companies.</i></b><br><br></font><font face="Sans-Serif" color="#000000" size="2">
A closed-end fund is an investment company whose shares are listed on a stock exchange or are traded in the over-the-counter
market. Like all investment companies, including open-end mutual funds, the assets of a closed-end fund are
professionally managed in accordance with the investment objectives and policies approved by the fund&#146;s Board of Directors.
A closed-end fund raises cash for investment by issuing a fixed number of shares through initial and other public offerings
that may include periodic rights offerings. Proceeds from the offerings are invested in an actively managed portfolio of
securities. Investors wanting to buy or sell shares of a publicly traded closed-end fund after the offerings must do so on a
stock exchange or the Nasdaq market, as with any publicly traded stock. This is in contrast to open-end mutual funds, in which
the fund sells and redeems its shares on a continuous basis.<br><br></font></div></td>
<td width="2%" bgcolor="#bec1d9">&#160;</td>
</tr>
<tr>
<td colspan="4" bgcolor="#004585"><div style="border: solid 0 #fff; border-top-width:2px;"><div style="border: solid 0 #fff; border-bottom-width:2px;"> <font face="Sans-Serif" color="#ffffff"><b>&#160;&#160;&#160;&#160;&#160;A CLOSED-END FUND OFFERS SEVERAL DISTINCT ADVANTAGES<br>
&#160;&#160;&#160;&#160;&#160;NOT AVAILABLE FROM AN OPEN-END FUND STRUCTURE</b></font></div></div></td>
</tr>
<tr>
<td colspan="4" bgcolor="#bec1d9"><font size="1">&#160;</font></td>
</tr>

<tr>
<td width="2%" bgcolor="#bec1d9">&#160;</td>
<td align="left" valign="top" width="2%" bgcolor="#bec1d9"><div style="margin-top:-6px;"><font face="Sans-Serif" color="#000000" size="5">&#149;</font></div></td>
<td bgcolor="#bec1d9" valign="bottom"><div align="justify"><font face="Sans-Serif" color="#000000" size="2">
Since a closed-end fund does not issue redeemable securities or offer its securities on a continuous basis, it does not need to
liquidate securities or hold uninvested assets to meet investor demands for cash redemptions, as an open-end fund must.</font></div></td>
<td bgcolor="#bec1d9">&#160;</td>
</tr>

<tr>
<td colspan="4" bgcolor="#bec1d9"><font size="1">&#160;</font></td>
</tr>


<tr>
<td bgcolor="#bec1d9">&#160;</td>
<td align="left" valign="top" width="2%" bgcolor="#bec1d9"><div style="margin-top:-6px;"><font face="Sans-Serif" color="#000000" size="5">&#149;</font></div></td>
<td bgcolor="#bec1d9"><div align="justify"><font face="Sans-Serif" color="#000000" size="2">
In a closed-end fund, not having to meet investor redemption requests or invest at inopportune times is ideal for value
managers who attempt to buy stocks when prices are depressed and sell securities when prices are high.</font></div></td>
<td bgcolor="#bec1d9">&#160;</td>
</tr>
<tr>
<td colspan="4" bgcolor="#bec1d9"><font size="1">&#160;</font></td>
</tr>

<tr>
<td bgcolor="#bec1d9">&#160;</td>
<td align="left" valign="top" width="2%" bgcolor="#bec1d9"><div style="margin-top:-6px;"><font face="Sans-Serif" color="#000000" size="5">&#149;</font></div></td>
<td bgcolor="#bec1d9"><div align="justify"><font face="Sans-Serif" color="#000000" size="2">
A closed-end fund may invest more freely in less liquid portfolio securities because it is not subject to potential stockholder
redemption demands. This is particularly beneficial for Royce-managed closed-end funds, which invest in small- and microcap
securities.</font></div></td>
<td bgcolor="#bec1d9">&#160;</td>
</tr>
<tr>
<td colspan="4" bgcolor="#bec1d9"><font size="1">&#160;</font></td>
</tr>

<tr>
<td bgcolor="#bec1d9">&#160;</td>
<td align="left" valign="top" width="2%" bgcolor="#bec1d9"><div style="margin-top:-6px;"><font face="Sans-Serif" color="#000000" size="5">&#149;</font></div></td>
<td bgcolor="#bec1d9"><div align="justify"><font face="Sans-Serif" color="#000000" size="2">
The fixed capital structure allows permanent leverage to be employed as a means to enhance capital appreciation potential.</font></div></td>
<td bgcolor="#bec1d9">&#160;</td>
</tr>
<tr>
<td colspan="4" bgcolor="#bec1d9"><font size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#bec1d9">&#160;</td>
<td align="left" valign="top" width="2%" bgcolor="#bec1d9"><div style="margin-top:-6px;"><font face="Sans-Serif" color="#000000" size="5">&#149;</font></div></td>
<td bgcolor="#bec1d9"><div align="justify"><font face="Sans-Serif" color="#000000" size="2">
Unlike open-end funds, our closed-end funds are able to distribute capital gains on a quarterly basis. Each of the Funds has
adopted a quarterly distribution policy for its common stock.</font></div></td>
<td bgcolor="#bec1d9">&#160;</td>
</tr>
<tr>
<td colspan="4" bgcolor="#bec1d9"><font size="1">&#160;</font></td>
</tr>

<tr>
<td bgcolor="#bec1d9">&#160;</td>
<td colspan="2" bgcolor="#bec1d9"><div align="justify"><font face="Sans-Serif" color="#004585" size="2">
<br><i>We believe that the closed-end fund structure is very suitable for the long-term investor who understands the benefits of a
stable pool of capital.
</i><br><br></font></div></td>
<td bgcolor="#bec1d9">&#160;</td>
</tr>

<tr>
<td colspan="4" bgcolor="#004585"><div style="border: solid 0 #fff; border-top-width:2px;"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" color="#ffffff"><b>&#160;&#160;&#160;&#160;&#160;WHY DIVIDEND REINVESTMENT IS IMPORTANT</b></font></div></div></td>
</tr>
<tr>
<td colspan="4" bgcolor="#bec1d9"><font size="1">&#160;</font></td>
</tr>

<tr>
<td width="1%" bgcolor="#bec1d9">&#160;</td>
<td colspan="2" bgcolor="#bec1d9"><div align="justify"><font face="Sans-Serif" color="#000000" size="2">
A very important component of an investor&#146;s total return comes from the reinvestment of distributions. By reinvesting
distributions, our investors can maintain an undiluted investment in a Fund. For additional information on the Funds&#146;
Distribution Reinvestment and Cash Purchase Options and the benefits for stockholders, see page 46.<br><br></font>
</div></td>
<td width="1%" bgcolor="#bec1d9">&#160;</td>
</tr>
</table>
<br>

<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="insidefrontcover"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>TABLE OF CONTENTS</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="2" color="#003D77" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b><br>Performance Table</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#003D77" face="Sans-Serif"><b><a href="#page_2">2</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#003D77" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>Letter to Our Stockholders</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_3">3</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#003D77" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><div align="justify"><font color="#003D77" face="Sans-Serif">
<b>Performance and Portfolio Reviews:</b></font><font size="2" color="#003D77" face="Sans-Serif"><br> <i>Royce Value Trust, Royce Micro-Cap Trust and Royce Focus Trust</i></font></div></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_4">4</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#003D77" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>History Since Inception</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_7">7</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#003D77" noshade></td>
</tr>

<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>Schedules of Investments and Other Financial Statements:<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>Royce Value Trust</i></b><br></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_8">8</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#D8DCEB" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>Royce Micro-Cap Trust</i></b><br></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_23">23</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#D8DCEB" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<i>Royce Focus Trust</i></b><br></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_37">37</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#D8DCEB" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>Distribution Reinvestment and Cash Purchase Options</b><br></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_46">46</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#D8DCEB" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>Directors and Officers</b><br></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_47">47</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#D8DCEB" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>Other Important Information</b><br></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#page_48">48</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#D8DCEB" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left">
<font color="#003D77" face="Sans-Serif"><b>Stockholder Meeting Results</b><br></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b><a href="#postscript">Inside Back Cover</a></b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#D8DCEB" noshade></td>
</tr>
</table>

<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3" valign="top" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" width="70%" align="left">&#160;</td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="right" width="30%"><img src="lens.jpg"></td>
</tr>
</table>

<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<center><img src="backcover.jpg" width="100%"></center>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_2"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td bgcolor="#00467F" valign="bottom"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
<td colspan="13" valign="bottom" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2">&#160;</font></td>
<td ><font face=sans-serif size="2">&#160;</font></td>
<td colspan="13" valign="bottom" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
<td colspan="13" valign="bottom" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
<td colspan="13" valign="bottom" align="left"><font face="sans-serif" size="3" color="#395B90"><b>PERFORMANCE TABLE&#160;</b></font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
<td colspan="13" valign="bottom" align="left"><font face=sans-serif size="2"><hr size="2" color="#395B90">
&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td></tr>
<tr>
<td bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
<td colspan="13" valign="bottom" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2">&#160;</font></td>
<td ><font face="sans-serif" size="2">&#160;</font></td>
<td bgcolor="#004585" colspan="13" valign="middle"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff">&#160;&#160;&#160;&#160;&#160;&#160;<b>NAV AVERAGE ANNUAL TOTAL RETURNS</b></font><font face="sans-serif" size="1" color="#FFFFFF">&#160;&#160;<b>Through December 31, 2004</b></font></div></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#A0AED0" valign="bottom" align="left"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;</font></div></td>

<td valign="bottom" bgcolor="#A0AED0"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#004685">&#160;</font></div></td>

<td colspan="2" bgcolor="#A0AED0" valign="bottom" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#ffffff"><b>Royce<br>Value Trust</b></font></div></td>

<td valign="bottom" bgcolor="#A0AED0"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#004685">&#160;</font></div></td>
<td colspan="2" bgcolor="#A0AED0" valign="bottom" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#ffffff"><b>Royce <br>Micro-Cap Trust</b>
</font></div></td>
<td valign="bottom" bgcolor="#A0AED0"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#004685">&#160;</font></div></td>
<td colspan="2" bgcolor="#A0AED0" valign="bottom" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#ffffff"><b>Royce <br>Focus Trust</b>
</font>
</div></td>
<td valign="bottom" bgcolor="#A0AED0"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#004685">&#160;</font></div></td>
<td colspan="2" bgcolor="#A0AED0" valign="bottom" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#ffffff"><b>Russell <br>2000</b></font></div></td>
<td><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face=sans-serif size="2" color="#004685">&#160;</font></div></td>
</tr>
<tr>
<td width="25%" bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2" color="#004685">&#160;</font></td>
<td width="4%" ><font face=sans-serif size="2" color="#004685">&#160;</font></td>
<td width="20%" bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;<b>Fourth Quarter 2004<sup><a href="#page2_onestar">*</a></sup></b></font></td>
<td width="1%" bgcolor="#D8DCEB" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td width="8%" bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">13.18</font></td>
<td width="4%" bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2">%</font></td>
<td width="1%" bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td width="8%" bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">12.90</font></td>
<td width="5%" bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2">%</font></td>
<td width="1%" bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td width="7%" bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">12.65</font></td>
<td width="5%" bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2">%</font></td>
<td width="1%" bgcolor="#D8DCEB" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td width="6%" bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">14.09</font></td>
<td width="6%" bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2">%</font></td>
<td width="3%" ><font face=sans-serif size="2">&#160;</font></td>
</tr>


<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td bgcolor="#D8DCEB" colspan="3" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" valign="bottom"><font face=sans-serif size="2" color="#004685">&#160;</font></td>
<td ><font face=sans-serif size="2" color="#004685">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;<b>July-December 2004<sup><a href="#page2_onestar">*</a></sup></b></font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">10.81</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">9.53</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">16.83</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td width="1%" bgcolor="#D8DCEB" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">10.83</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td bgcolor="#D8DCEB" colspan="3" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;<b>1-Year</b></font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">21.42</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">18.69</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">29.21</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td width="1%" bgcolor="#D8DCEB" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">18.33</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td bgcolor="#D8DCEB" colspan="3" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;<b>3-Year</b></font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">12.99</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">16.75</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">20.39</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td width="1%" bgcolor="#D8DCEB" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">11.48</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td bgcolor="#D8DCEB" colspan="3" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;<b>5-Year</b></font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">14.15</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">16.84</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">18.35</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td width="1%" bgcolor="#D8DCEB" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">6.61</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td bgcolor="#D8DCEB" colspan="3" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;<b>10-Year</b></font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">14.84</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">15.67</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">n/a&#160;&#160;&#160;</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td width="1%" bgcolor="#D8DCEB" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">11.54</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td bgcolor="#D8DCEB" colspan="3" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;<b>Since Inception</b></font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">12.85</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">14.61</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">14.22</font>
</td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td width="1%" bgcolor="#D8DCEB" valign="top">
<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<td><font face=sans-serif size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#00467F" align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
<td bgcolor="#D8DCEB" colspan="3" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:20px;"><hr size="1" color="#ffffff" noshade></div></td>
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<td bgcolor="#D8DCEB" valign="bottom" align="left"><font face=sans-serif size="2" color="#004685">&#160;&#160&#160;&#160;&#160;&#160;<b>Inception Date</b></font></td>
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<div style="border: solid 0 #fff; border-left-width:2px; height:19px;"><font face="Sans-Serif" size="1">&#160;</font></div></td>
<td colspan="2" bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">11/26/86&#160;&#160;&#160;&#160;&#160;</font>
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<td colspan="2" bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">12/14/93&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>
</td>
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<td colspan="2" bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">11/1/96<sup><a href="#page2_twostar">**</a></sup>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font>
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<td colspan="13" align="justify" valign="top"><p align="justify" style="margin-left:20px; text-indent:-20px;"><font face=sans-serif size="1"><a name="page2_onestar"></a>&#160;&#160;&#160;*</font><font face=sans-serif size="2">&#160;&#160;Not annualized.</font></p></td>
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<td colspan="13" align="justify" valign="top"><p align="justify" style="margin-left:20px; text-indent:-20px;"><font face=sans-serif size="1"><a name="page2_twostar"></a>&#160;**</font><font face=sans-serif size="2">&#160;&#160;&#160;Date Royce & Associates, LLC assumed investment management responsibility.</font></p></td>
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Royce Value Trust&#146;s 15-year NAV average annual total return for the period ended 12/31/04 was 13.47%.</font></td>
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&#160;&#160;&#160;&#160;&#160;&#160;<b>IMPORTANT PERFORMANCE, RISK AND OTHER INFORMATION</b></font></td>
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<b><br>
All performance information in this Report reflects past performance, is presented on a total
return basis and reflects the reinvestment of distributions. Past performance is no guarantee
of future results. Performance information does not reflect the deduction of taxes that a
shareholder would pay on distributions or on the sale of Fund shares. Investment return and
principal value of an investment will fluctuate, so that shares may be worth more or less than
their original cost when sold. Current performance may be higher or lower than performance
quoted. Current month-end performance may be obtained at www.roycefunds.com. The
Royce Funds invest primarily in securities of small-cap and/or micro-cap companies, which
may involve considerably more risk than investments in securities of larger-cap companies.
<br>&#160;&#160;&#160;&#160;The thoughts expressed in this Report concerning recent market movements and future
prospects for small company stocks are solely the opinion of Royce at December 31, 2004,
and, of course, historical market trends are not necessarily indicative of future market
movements. Statements regarding the future prospects for particular securities held in the
Funds&#146; portfolios and Royce&#146;s investment intentions with respect to those securities reflect
Royce&#146;s opinions as of December 31, 2004 and are subject to change at any time without
notice. There can be no assurance that securities mentioned in this Report will be included in
any Royce-managed portfolio in the future. The Funds invest primarily in securities of small and
micro-cap companies that may involve considerably more risk than investments of
larger-cap companies. All publicly released material information is always disclosed by the
Funds on the website at www.roycefunds.com.
<br>&#160;&#160;&#160;&#160;The Russell 2000, Russell 2000 Value, Russell 2000 Growth, Nasdaq Composite, S&#038;P
500 and S&P 600 are unmanaged indices of domestic common stocks. Returns for the
market indices used in this report were based on information supplied to Royce by Frank
Russell and Morningstar. Royce has not independently verified the above described
information. The Royce Funds is a service mark of The Royce Funds.</b></font></div></td>
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<td bgcolor="#00467F" align="center"><font face=sans-serif size="1" color="#FFFFFF">2 | THE ROYCE FUNDS ANNUAL REPORT 2004</font></td>
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<a name="page_3"></a>
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<td valign="middle" width="70%"><font face="Sans-Serif" color="#004585"><b>LETTER TO OUR STOCKHOLDERS</b></font><hr size="2" color="#004585"></td><td width="4%">&#160;</td><td>&#160;</td></tr>
<tr>
<td valign="top"><div align="justify"><font face="Sans-Serif" color="#004585"><br><b>Dear Stockholder,</b></font><br>
<font face="Serif" color="#000000" size="2">&#160;&#160;&#160;&#160;&#160;We have redesigned and reformatted our Annual Report for 2004 to focus on the information required by SEC regulations. It now includes Managers&#146; Discussions of Fund
Performance and Financial Statements for all three of our closed-end mutual funds. We have
also created a new publication, the <i>Annual Review,</i> which features more wide-ranging
commentary on the stock market as a whole and the Funds&#146; portfolios. We hope that you find
the material in each book useful and informative.<br>
&#160;&#160;&#160;&#160;&#160;2004 was generally a positive one for the stock market as a whole, with small-cap securities
enjoying a performance advantage over their large-cap counterparts. The small-cap oriented
Russell 2000 index rose 18.3% in 2004, compared to respective gains of 10.9% and 8.6% for
the S&P 500 and the Nasdaq Composite. For the sixth consecutive year, the Russell 2000
index outperformed the S&P 500. This past year also marked the fourth out of the last
five calendar years in which the Russell 2000 outpaced the Nasdaq Composite. Small-cap
value stocks also enjoyed a strong year in 2004, which can be seen in the calendar-year
performances of our Funds. In contrast to 2003, a year in which micro-cap and Technology
companies reigned supreme, 2004 was in general kinder to the upper tier of small-cap, as well
as to individual companies in diverse sectors such as Natural Resources, Finance and
Industrial Products (to name just a few strong-performing areas). The trend toward larger,
arguably higher-quality, small-cap stocks dominating performance within the asset class was
established early in the year, an unsurprising development given the red-hot performance of
many micro-cap and Tech stocks in 2003.<br>
&#160;&#160;&#160;&#160;&#160;We believe that <i>The Royce Funds&#146;</i> performances generally were strong on an absolute basis in
2004 as well as over market cycles and long-term periods. While we would love to beat each
Fund&#146;s respective benchmark during any particular performance period, we want to be clear
that it remains our goal to achieve strong absolute returns over full market cycle and other
long-term performance periods.<br>
&#160;&#160;&#160;&#160;&#160;We appreciate your continued support.
<br><br>
Sincerely,
<br><br>
<img src="charlessig.jpg"><br>
Charles M. Royce<br>
&#160;&#160;&#160;&#160;&#160;<i>President</i>
<br><br><br>
January 31, 2005
</font>
</div>
</td>
<td width="4%">&#160;</td>
<td align="left" valign="top"><img src="charles.jpg"><br><br>
<font face="Sans-Serif" color="#004585" size="2"><i><b>
For more than 30 years, we have
used various value approaches
to invest in smaller-cap securities.
We focus primarily on the quality
of a company&#146;s balance sheet, its
ability to generate free cash flow
and other measures of profitability
or sound financial condition. At
times, we may also look at other
factors, such as a company&#146;s
unrecognized asset values, its
future growth prospects or its
turnaround potential following
an earnings disappointment or
other business difficulties. We
then use these factors to assess
the company&#146;s current worth,
basing the assessment on either
what we believe a knowledgeable
buyer might pay to acquire the
entire company, or what we think
the value of the company should
be in the stock market.</b>
</i></font>
</td>
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<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>&#160;</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE ROYCE FUNDS ANNUAL REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;3</font></td></tr>
</table>
<br>
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<td colspan="18" valign="top"><font face="Sans-Serif" color="#003D77"><b>ROYCE VALUE TRUST</b></font><hr size="2" color="#003D77" noshade></td>
</tr>
<tr>
<td colspan="18" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="8"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>NAV AVERAGE ANNUAL
 TOTAL RETURNS</b><br>Through 12/31/04</font></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="8" valign="top" rowspan="81"><div style="margin-right:4px;" align="justify">
<img src="chuk.jpg" align="left" style="margin-left:-3px;margin-top:3px"><font face="Sans-Serif" color="#144A87"><b>Manager&#146;s Discussion</b></font><br><font face="Serif" size="2">
Royce Value Trust&#146;s (RVT) broadly diversified portfolio of small- and micro-cap
stocks reaped the benefits of a strong year for small-cap value stocks. <b>In 2004,
the Fund was up 21.4% on a net asset value (NAV) basis and 29.6% on a
market price basis. RVT&#146;s calendar-year NAV performance was ahead of the
small-cap oriented Russell 2000, which gained 18.3%, but trailed the small-cap
S&#038;P 600 index, which was up 22.7% for the same period.</b> The Fund&#146;s
strong absolute results were achieved in spite of slightly lagging one of its benchmarks on an
NAV basis (+13.2%) in the robust fourth-quarter rally. For this period, the Fund was up 16.6%
on a market price basis, while the Russell 2000 was up 14.1% and the S&#038;P 600 gained 13.0%.
RVT&#146;s NAV performances over market cycle and long-term periods were similarly strong on an
absolute and a relative basis. The Fund was up 78.6% from the previous small-cap market peak
on 3/9/00 through 12/31/04 versus respective gains of 14.5% and 53.2% for the Russell 2000
and S&#038;P 600. RVT gained 103.4% from the small-cap market trough on 10/9/02 through
12/31/04 versus respective gains of 104.8% and 96.5% for the Russell 2000 and the S&#038;P 600.
On an NAV basis, RVT outpaced the S&#038;P 600 for the five-, 10-, 15-year and since inception
(11/26/86) periods ended 12/31/04, while the Fund was ahead of the Russell 2000 for each of
these periods as well as for the one-year and three-year periods. On a market price basis, RVT
outperformed both benchmarks for the one-, three-, five-, 10-, 15-year and since inception
(11/26/86) periods ended 12/31/04. <b>The Fund&#146;s average annual NAV total return since
inception was 12.9%.</b><br>
&#160;&#160;&#160;&#160;&#160;The Fund enjoyed net gains on a dollar basis in virtually all of its sectors, particularly in
Industrial Products, Natural Resources and Industrial Services. Several industrial companies
had slumping prices in 2003, which gave us the opportunity to build existing positions.
Although these businesses did not post the same heady gains as energy and financial stocks in
2004, they generally enjoyed strong returns. After hitting lows in their business cycle around
the spring of 2003, many industrial companies began to recover, benefitting from increases in
capital spending, the ability to pass on higher costs that came from increased raw materials
prices and a robust rise in international economic growth. This led to earnings acceleration
and correspondingly higher stock prices beginning late in 2003 and in general lasting
through 2004.<br><br><br><br><br><br><br><br><br><br>
<font face="Sans-Serif" size="2" color="#003D77"><i><b>
All performance information in this Report reflects past performance, is presented on a total
return basis and reflects the reinvestment of distributions. Past performance is no guarantee of
future results. Performance information does not reflect the deduction of taxes that a stockholder
would pay on distributions or on the sale of shares. Investment return and principal value of an
investment will fluctuate, so that shares may be worth more or less than their original cost when
sold. Current performance may be higher or lower than performance quoted. Current month-end
performance may be obtained at www.roycefunds.com.</b></i></font><br>
</font><br><br></div></td>
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<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="4">&#160;</font></td>
<td valign="bottom" bgcolor="#D8DCEB" colspan="6"><div style="margin-left:10px; text-indent:-10px"><font color="#003D77" face="Sans-Serif" size="2">Fourth Quarter 2004</font><font face="Sans-Serif" size="2"><sup><a href="#page4_star_a">*</a></sup></font></div></td>
<td valign="bottom" bgcolor="#D8DCEB" align="right"><font face="Sans-Serif" size="2">13.18</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
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<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">July-December 2004</font><font face="Sans-Serif" size="2"><sup><a href="#page4_star_a">*</a></sup></font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">10.81</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">21.42</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">3-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">12.99</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">5-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">14.15</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">10-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">14.84</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">15-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">13.47</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6"><font color="#003D77" face="Sans-Serif" size="2">Since Inception (11/26/86)</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">12.85</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="10" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="right" valign="top"><font face="Sans-Serif" size="1">*</font></td>
<td colspan="9" valign="top"><font face="Sans-Serif" size="1"><a name="page4_star_a"></a>Not annualized.</font></td>
</tr>
<tr>
<td colspan="10" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="8" valign="middle"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#A0AED0" width="1%" valign="top"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="4">&#160;</font></div></td>
<td valign="bottom" bgcolor="#A0AED0" width="6%"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font color="#003D77" face="Sans-Serif" size="2"><b>Year</b></font></div></td>
<td valign="bottom" bgcolor="#A0AED0" width="5%" align="right"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font color="#003D77" face="Sans-Serif" size="2"><b>RVT</b></font></div></td>
<td bgcolor="#A0AED0" width="3%" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#A0AED0" width="1%" valign="bottom"><div style="border: solid 0 #fff; border-left-width:2px; height:21px; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#A0AED0" width="1%" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td valign="bottom" bgcolor="#A0AED0" width="8%"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font color="#003D77" face="Sans-Serif" size="2"><b>Year</b></font></div></td>
<td valign="bottom" bgcolor="#A0AED0" width="3%" align="right"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font color="#003D77" face="Sans-Serif" size="2"><b>RVT</b></font></div></td>
<td valign="bottom" bgcolor="#A0AED0" width="3%"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td width="5%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">2004</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">21.4</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:21px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">1996</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">15.5</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="5" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">2003</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">40.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1995</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">21.1</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="5" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">2002</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">-15.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1994</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.1</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="5" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">2001</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">15.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1993</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">17.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="5" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">2000</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">16.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1992</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">19.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="5" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1999</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">11.7</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1991</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">38.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="5" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1998</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">3.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1990</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">-13.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" colspan="5" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1997</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">27.5</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" width="1%" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1989</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">18.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="10"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="8"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>TOP 10 POSITIONS</b><BR>% of Net Assets Applicable<BR>to Common Stockholders</font></div></td>
<td valign="top"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Serif" size="2">&#160;</font></div></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="4">&#160;</font></td>
<td valign="bottom" bgcolor="#D8DCEB" colspan="6"><div style="margin-left:10px; text-indent:-10px"><font color="#003D77" face="Sans-Serif" size="2">Apollo Investment</font></div></td>
<td valign="bottom" bgcolor="#D8DCEB" align="right"><font face="Sans-Serif" size="2">1.2</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Ritchie Bros. Auctioneers</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">1.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Arrow International</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Lincoln Electric Holdings</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Simpson Manufacturing</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Sotheby&#146;s Holdings Cl. A</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">MacDermid</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">SEACOR Holdings</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Gabelli Asset Management Cl. A</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">MPS Group</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="10"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="8"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>PORTFOLIO SECTOR BREAKDOWN</b><br> % of Net Assets Applicable<BR>to Common Stockholders</font></div></td>
<td valign="top"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Serif" size="2">&#160;</font></div></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="4">&#160;</font></td>
<td valign="bottom" bgcolor="#D8DCEB" colspan="6"><div style="margin-left:10px; text-indent:-10px"><font color="#003D77" face="Sans-Serif" size="2">Technology</font></div></td>
<td valign="bottom" bgcolor="#D8DCEB" align="right"><font face="Sans-Serif" size="2">21.5</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Industrial Products</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">18.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Industrial Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">14.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Financial Intermediaries</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">10.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Natural Resources</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">9.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Consumer Products</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">9.1</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Health</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">9.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Financial Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">8.7</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Consumer Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">6.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Utilities</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Miscellaneous</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">5.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Bonds & Preferred Stock</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">0.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Treasuries, Cash and<BR>Cash Equivalents</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">10.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="7"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><font face="Sans-Serif" size="1" color="#144A87">4&#160;&#160;|&#160;&#160;THE ROYCE FUNDS ANNUAL REPORT 2004</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_5"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="18" valign="top" align="left"><font face="Sans-Serif" size="3" color="#002c70"><b>ROYCE MICRO-CAP TRUST</b></font><br>
<hr noshade size="2" color="#002c70">
</td>
</tr>
<tr>
<td valign="top"><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Serif" size="2">&#160;</font></td>
<td width="7%"><font face="Serif" size="2">&#160;</font></td>
<td width="7%" valign="top"><font face="Serif" size="2">&#160;</font></td>
<td width="1%" valign="top"><font face="Serif" size="2">&#160;</font></td>
<td width="7%" valign="top"><font face="Serif" size="2">&#160;</font></td>
<td width="7%" valign="top"><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="6" rowspan="78" valign="top"><img src="chuk.jpg" align="left" style="margin-left:-3px; margin-top:-2px"><div align="justify"><font face="Sans-Serif" color="#144A87">
<b>Manager&#146;s Discussion</b></font><br>
<font face="Serif" size="2">
The performance of micro-cap stocks may have cooled down a bit in 2004
following their red-hot 2003, but that did little to dampen the performance of
Royce Micro-Cap Trust (RMT). <b>For the calendar year, the Fund gained
18.7% on a net asset value (NAV) basis and an impressive 33.4% on a market
value basis, both results ahead of its small-cap benchmark, the Russell 2000,
which was up 18.3% for the same period.</b> The Fund accomplished this in spite
of underperforming the small-cap index on an NAV basis in the dynamic fourth-quarter rally
(+12.9% versus +14.1%). Over market cycle and long-term performance periods, RMT also
posted strong absolute and relative returns. On both an NAV and market price basis for the
periods ended 12/31/04, RMT dramatically outperformed the Russell 2000 from both the
previous small-cap market peak on 3/9/00 (+89.1% and +141.0% versus +14.5%) and the
small-cap market trough on 10/9/02 (+118.9% and +156.2% versus +104.8%). The Fund also
outperformed its benchmark for the three-, five-, 10-year and since inception (12/14/93)
periods ended 12/31/04 on an NAV and market price basis. <b>RMT&#146;s average annual NAV total
return since inception was 14.6%.</b><br>
&#160;&#160;&#160;&#160;&#160;Each of the Fund&#146;s 10 sectors posted net gains in 2004, with companies from several
industries contributing to the year&#146;s terrific results. Losses came at the individual stock level,
with specialty retailer The Wet Seal and IT consultant iGATE Corporation posting the largest
losses on a dollar basis. Holdings in the Natural Resources sector led in terms of overall net
dollar gains in the portfolio, which was consistent with the impressive performance of stocks
in the energy industry within small-cap as a whole. A supply squeeze first drove commodity
prices higher which in turn helped to boost stock prices. The energy services and oil and gas
industry groups posted the largest net gains in the sector, with the share prices of oil and gas
exploration and production company Toreador Resources, geophysical data services business
Veritas DGC and energy-related construction and engineering firm Willbros Group all
posting large net gains on a dollar basis. Holdings in the Industrial Products sector generally
enjoyed strong returns in 2004. The prices of many industrial companies began to slowly
recover in 2003, benefiting from increases in capital spending, the ability to pass on higher
costs that came from increased raw materials prices and a robust rise in international economic
growth. This led to earnings acceleration and correspondingly higher stock prices that in
general lasted through 2004.
<br><br><br><br><br><br><br><br><br><br></font></div>

<div style="margin-right:1px;" align="justify"><font face="Sans-Serif" size="2" color="#144A87"><b><i>All performance information in this Report reflects past performance, is presented on a total return
basis and reflects the reinvestment of distributions. Past performance is no guarantee of future
results. Performance information does not reflect the deduction of taxes that a stockholder would
pay on distributions or on the sale of shares. Investment return and principal value of
an investment will fluctuate, so that shares may be worth more or less than their original cost when
sold. Current performance may be higher or lower than performance quoted. Current month-end
performance may be obtained at www.roycefunds.com.</i></b></font></div>
</td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="5"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>NAV AVERAGE ANNUAL
 TOTAL RETURNS</b><br>Through 12/31/04</font></div></td>
</tr>
<tr height="25">
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" bgcolor="#D8DCEB" colspan="4"><div style="margin-left:10px; text-indent:-10px"><font color="#003D77" face="Sans-Serif" size="2">Fourth Quarter 2004</font><font face="Sans-Serif" size="2"><sup><a href="#page5_star_a">*</a></sup></font></div></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right" colspan="1"><font face="Sans-Serif" size="2">12.90%</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">July-December 2004<sup><a href="#page5_star_a">*</a></sup></font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">9.53&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">18.69&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">3-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">16.75&#160;&#160;&#160;</font></td>
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<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">5-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">16.84&#160;&#160;&#160;</font></td>
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<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">10-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">15.67&#160;&#160;&#160;</font></td>
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<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Since Inception (12/14/93)</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">14.61&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="5"><font face="Sans-Serif" size="1"><a name="page5_star_a"></a>* Not annualized.<br></font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" colspan="5"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="5"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></div></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#A0AED0" colspan="2" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" color="#003D77" size="2"><b>Year</b></font></div></td>
<td bgcolor="#A0AED0" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" color="#003D77" size="2"><b>RMT</b></font></div></td>
<td bgcolor="#A0AED0" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px; border-left-width:2px;"><font face="Sans-Serif" color="#003D77" size="2">&#160;</font></div></td>
<td bgcolor="#A0AED0" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" color="#003D77" size="2"><b>Year</b></font></div></td>
<td bgcolor="#A0AED0" align="center"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" color="#003D77" size="2"><b>RMT</b></font></div></td>
</tr>
<tr height="25">
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="2" align="center" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">2004</font></td>
<td bgcolor="#D8DCEB" align="center" valign="bottom"><font face="Sans-Serif" size="2">&#160;&#160;&#160;18.7%</font></td>
<td bgcolor="#D8DCEB" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:25px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" align="center" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">1998</font></td>
<td bgcolor="#D8DCEB" align="center" valign="bottom"><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;-4.1%</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="2" align="center"><font color="#003D77" face="Sans-Serif" size="2">2003</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">55.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:21px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" align="center"><font color="#003D77" face="Sans-Serif" size="2">1997</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">&#160;27.1</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="2" align="center"><font color="#003D77" face="Sans-Serif" size="2">2002</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">-13.8&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:21px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" align="center"><font color="#003D77" face="Sans-Serif" size="2">1996</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">&#160;16.6</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="2" align="center"><font color="#003D77" face="Sans-Serif" size="2">2001</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">23.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:21px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" align="center"><font color="#003D77" face="Sans-Serif" size="2">1995</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">&#160;&#160;22.9</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="2" align="center"><font color="#003D77" face="Sans-Serif" size="2">2000</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">10.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:21px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" align="center"><font color="#003D77" face="Sans-Serif" size="2">1994</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">&#160;5.0</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><hr size="1" color="#ffffff" noshade></td>
<td bgcolor="#D8DCEB" valign="top" colspan="3"><div style="border: solid 0 #fff; border-left-width:2px; height:17px;"><hr size="1" color="#ffffff" noshade></div></td></tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" align="center" colspan="2"><font color="#003D77" face="Sans-Serif" size="2">1999</font></td>
<td bgcolor="#D8DCEB" align="center"><font face="Sans-Serif" size="2">12.7</font></td>
<td bgcolor="#D8DCEB" valign="top"><div style="border: solid 0 #fff; border-left-width:2px; height:21px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#D8DCEB" align="center"><font color="#003D77" face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" align="center"><font color="#003D77" face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" colspan="5"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#003D77" valign="top"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2"><br><br>&#160;</font></div></td>
<td bgcolor="#003D77" colspan="5"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>TOP 10 POSITIONS</b><br>% of Net Assets Applicable<br>to Common Stockholders</font></div></td>
</tr>
<tr height="25x">
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">Sapient Corporation</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right" colspan="1"><font face="Sans-Serif" size="2">1.4%&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Juno Lighting</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.3&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Stein Mart</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.3&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Delta Apparel</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.2&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Convansys Corporation</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.2&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">HomeFed Corporation</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.2&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Aceto</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.2&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">ASA Bermuda</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.1&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Seneca Foods</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.1&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">PICO Holdings</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.0&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" colspan="5"><font face="Sans-Serif" size="2">&#160;</font><br></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="5"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>PORTFOLIO SECTOR BREAKDOWN</b><br>% of Net Assets Applicable<br>to Common Stockholders</font></div></td>
</tr>
<tr height="25x">
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">Technology</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right" colspan="1"><font face="Sans-Serif" size="2">26.5%&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Industrial Products</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">15.0&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Industrial Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">13.5&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Health</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">11.9&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Natural Resources</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">10.9&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Financial Intermediaries</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">5.7&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Consumer Products</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">5.4&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Consumer Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">5.2&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Diversified Investment Companies</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right" colspan="1"><font face="Sans-Serif" size="2">1.6&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Financial Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.5&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Miscellaneous</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">5.0&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Preferred Stocks</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">0.5&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top" colspan="6"><hr size="1" color="#ffffff" noshade></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Cash & Cash Equivalents</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">17.9&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" colspan="5"><font face="Sans-Serif" size="2">&#160;</font><br><br></td>
</tr>
<tr>
<td valign="top" colspan="6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" colspan="7" align="right"><font face="Sans-Serif" size="1" color="#144A87">THE ROYCE FUNDS
 ANNUAL REPORT 2004&#160;&#160;|&#160;&#160;5</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_6"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="18" valign="top"><font face="Sans-Serif" color="#003D77"><b>ROYCE FOCUS TRUST</b></font><hr size="2" color="#003D77" noshade></td>
</tr>
<tr>
<td colspan="18" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="8"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>NAV AVERAGE ANNUAL
 TOTAL RETURNS</b><br>Through 12/31/04</font></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="8" valign="top" rowspan="81"><div style="margin-right:4px;" align="justify">
<img src="whitney.jpg" align="left" style="margin-left:-3px;margin-top:3px"><font face="Sans-Serif" color="#144A87"><b>Manager&#146;s Discussion</b></font><br><font face="Serif" size="2">
The focus was on strong performance for several holdings in Royce Focus
Trust&#146;s (FUND) limited portfolio of small-cap stocks in 2004, which helped to
provide its strong return on both an absolute and relative basis. <b>For the
calendar year, the Fund gained 29.2% on a net asset value (NAV) basis and
47.3% on a market price basis, both results well ahead of the 18.3% return of
its small-cap benchmark, the Russell 2000, for the same period.</b> In the
dynamic fourth-quarter rally, the Fund lagged its benchmark on an NAV basis (+12.7% versus
+14.1%), while impressively outpacing the Russell 2000 on a market price basis (+27.5%).
Although stock prices in general fell during 2004&#146;s second and third quarters, FUND posted
positive returns in all four quarters of the calendar year on an NAV basis, which was critical
both to its absolute return and its outperformance of the small-cap index. Over long-term and
market cycle periods, FUND&#146;s results were equally impressive. For the periods ended 12/31/04,
on both an NAV and market price basis, the Fund dramatically outgained the Russell 2000
from the previous small-cap market peak on 3/9/00 (+128.0% and +192.6% versus +14.5%)
and the small-cap market trough on 10/9/02 (+139.7% and +172.8% versus +104.8%).
FUND was also ahead of the small-cap index for the three-year, five-year and since inception of
our management (11/01/96) periods ended 12/31/04. <b>The Fund&#146;s average annual NAV total
return since inception was 14.2%.</b><br>
&#160;&#160;&#160;&#160;&#160;The Fund&#146;s two largest sectors at year end&#151;Industrial Products and Natural Resources&#151;also
made the most significant contributions to performance on a dollar basis in 2004. This was
mostly consistent with a vigorous small-cap market in which companies from the energy,
finance and industrial areas led the way. Within Natural Resources, net dollar gains from the
energy services group, including piping and oil drilling equipment maker Trican Well Service
and seismic acquisition imaging technology company Input/Output, were larger than those of
seven of the Fund&#146;s nine equity sectors (all of which posted net gains). Improved business and
consequent earnings acceleration proved a winning combination for many holdings in the
Industrial Products sector, such as steel company IPSCO and construction aggregates company
Florida Rock Industries. Portfolio losses were scattered across each sector, including life science
medical products maker Bruker BioSciences, which we sold in October, and precious metals
mining business Hecla Mining Company, a position we built as its share price declined.
<br><br><br><br><br><br><br><br><br><br>
<font face="Sans-Serif" size="2" color="#003D77"><i><b>
All performance information in this Report reflects past performance, is presented on a total
return basis and reflects the reinvestment of distributions. Past performance is no guarantee of
future results. Performance information does not reflect the deduction of taxes that a stockholder
would pay on distributions or on the sale of shares. Investment return and principal value of an
investment will fluctuate, so that shares may be worth more or less than their original cost when
sold. Current performance may be higher or lower than performance quoted. Current month-end
performance may be obtained at www.roycefunds.com.</b></i></font><br>
</font><br><br></div></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="4">&#160;</font></td>
<td valign="bottom" bgcolor="#D8DCEB" colspan="6"><div style="margin-left:10px; text-indent:-10px"><font color="#003D77" face="Sans-Serif" size="2">Fourth Quarter 2004</font><font face="Sans-Serif" size="2"><sup><a href="#page6_star_a">*</a></sup></font></div></td>
<td valign="bottom" bgcolor="#D8DCEB" align="right"><font face="Sans-Serif" size="2">12.65</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">July-December 2004</font><font face="Sans-Serif" size="2"><sup><a href="#page6_star_a">*</a></sup></font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">16.83</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">1-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">29.21</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">3-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">20.39</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">5-Year</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">18.35</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6"><font color="#003D77" face="Sans-Serif" size="2">Since Inception (11/1/96)<sup><a href="#page6_dagger">&#134;</a></sup></font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">14.22</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="10" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="right" valign="top"><font face="Sans-Serif" size="1">*</font></td>
<td colspan="9" valign="top"><font face="Sans-Serif" size="1"><a name="page6_star_a"></a>Not annualized.</font></td>
</tr>
<tr>
<td colspan="10" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="right" valign="top"><font face="Sans-Serif" size="1"><a name="page6_dagger"></a><sup>&#134;</sup></font></td>
<td colspan="8" valign="bottom"><div align="justify"><font face="Sans-Serif" size="1">Royce &#038; Associates assumed investment management
responsibility for the Fund on 11/1/96.</font></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="10" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="8" valign="middle"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></div></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#A0AED0" width="1%" valign="top"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="4">&#160;</font></div></td>
<td valign="bottom" bgcolor="#A0AED0" width="6%"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font color="#003D77" face="Sans-Serif" size="2"><b>Year</b></font></div></td>
<td bgcolor="#A0AED0" width="1%" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#A0AED0" width="3%" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#A0AED0" width="1%" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#A0AED0" width="3%" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td bgcolor="#A0AED0" width="1%" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td valign="bottom" bgcolor="#A0AED0" width="3%" align="right"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font color="#003D77" face="Sans-Serif" size="2"><b>FUND</b></font></div></td>
<td valign="bottom" bgcolor="#A0AED0" width="3%"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2">&#160;</font></div></td>
<td width="5%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">2004</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">29.2</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">2003</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">54.3</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">2002</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">-12.5</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">2001</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">10.0</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">2000</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">20.9</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">1999</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">8.7</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">1998</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">-6.8</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="top"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">1997</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="2">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">20.5</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="10"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="8"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>TOP 10 POSITIONS</b><BR>% of Net Assets Applicable<BR>to Common Stockholders</font></div></td>
<td valign="top"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Serif" size="2">&#160;</font></div></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="4">&#160;</font></td>
<td valign="bottom" bgcolor="#D8DCEB" colspan="6"><div style="margin-left:0px; text-indent:-0px"><font color="#003D77" face="Sans-Serif" size="2">New Zealand<BR>
Government 6.5% Bond</font></div></td>
<td valign="bottom" bgcolor="#D8DCEB" align="right"><font face="Sans-Serif" size="2">6.8</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Canadian Government 3% Bond</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">4.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Trican Well Service</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">4.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Simpson Manufacturing</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">4.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Nu Skin Enterprises Cl. A</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">3.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">IPSCO</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">3.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">eFunds Corporation</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">3.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Alleghany Corporation</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">3.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Florida Rock Industries</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">3.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Schnitzer Steel Industries Cl. A</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">3.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td colspan="10"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Serif" size="2">&#160;</font></div></td>
<td bgcolor="#003D77" colspan="8"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="2" color="#ffffff"><b>PORTFOLIO SECTOR BREAKDOWN</b><br> % of Net Assets Applicable<BR>to Common Stockholders</font></div></td>
<td valign="top"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Serif" size="2">&#160;</font></div></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="4">&#160;</font></td>
<td valign="bottom" bgcolor="#D8DCEB" colspan="6"><div style="margin-left:10px; text-indent:-10px"><font color="#003D77" face="Sans-Serif" size="2">Industrial Products</font></div></td>
<td valign="bottom" bgcolor="#D8DCEB" align="right"><font face="Sans-Serif" size="2">23.1</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Natural Resources</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">21.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Technology</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">9.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Health</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">9.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Financial Intermediaries</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">8.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Industrial Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">8.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Financial Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">6.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Consumer Products</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">5.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Consumer Services</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">5.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Bonds</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">13.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Treasuries, Cash and<BR>Cash Equivalents</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">11.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="7"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><font face="Sans-Serif" size="1" color="#144A87">6&#160;&#160;|&#160;&#160;THE ROYCE FUNDS ANNUAL REPORT 2004</font></td>
<td valign="top"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>


<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_7"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>HISTORY
 SINCE INCEPTION</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p align="justify"><font face="Sans-Serif" size="2">The
 following table details the share accumulations by an initial investor in the Funds
 who reinvested all distributions (including fractional shares) and participated
 fully in primary subscriptions for each of the rights offerings. Full participation
 in distribution reinvestments and rights offerings can maximize the returns available
 to a long-term investor. This table should be read in conjunction with the Performance
 and Portfolio Reviews of the Funds.</font></p></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="23"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="center" colspan="3"><font face="Sans-Serif" size="2" color="#004585"><b>History
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Amount<br>Invested</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Purchase<br>Price<a href="#page7_onestar">*</a></b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Shares</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>NAV<br>Value<a href="#page7_twostar">**</a></b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Market<br>Value<a href="#page7_twostar">**</a></b></font></td>
</tr>
<tr>
<td valign="top" colspan="23"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="3"><font face="Sans-Serif" size="2" color="#004585"><b>Royce Value
 Trust</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right" width="6%"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">11/26/86</font></p></td>
<td  width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left" width="20%"><font face="Sans-Serif" size="2">Initial Purchase</font></td>
<td width="32%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2">10.000</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">9,280</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">10/15/87</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.30</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/31/87</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.22</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,578</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/27/88</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.51</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">63</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,529</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,238</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">9/22/89</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">405</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">45</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/29/89</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.52</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">67</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,942</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,866</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">9/24/90</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">457</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/31/90</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.32</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,713</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,074</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">9/23/91</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">638</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/31/91</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.61</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10.625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,919</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,697</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">9/25/92</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">825</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11.000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/31/92</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.90</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12.500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">114</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,999</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,874</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">9/27/93</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,469</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13.000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">113</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/31/93</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $1.15</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13.000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,603</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,428</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">10/28/94</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,103</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11.250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">98</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/19/94</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $1.05</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11.375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">191</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,939</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,905</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">11/3/95</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,425</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12.500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">114</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/7/95</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $1.29</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12.125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">253</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,676</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,243</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/96</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $1.15</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12.250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">247</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,213</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,335</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">1997</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
 total $1.21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15.374</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">230</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52,556</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,814</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">1998</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14.311</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">347</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54,313</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,506</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">1999</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12.616</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">391</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,653</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,239</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2000</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13.972</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">424</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">70,711</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61,648</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2001</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15.072</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">437</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,478</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,994</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2002</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14.903</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">494</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,770</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,927</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">1/28/03</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10.770</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">520</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2003</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14.582</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">516</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">106,216</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">107,339</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2004</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17.604</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">568</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="23"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
12/31/04</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>21,922
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>6,805</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>128,955
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>139,094
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="23"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/14/93</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Initial Purchase</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">10/28/94</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Rights Offering</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/19/94</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.05</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,163</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,462</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/7/95</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.36</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,264</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,136</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/96</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.80</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">133</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,132</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/5/97</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $1.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10.000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,694</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,593</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/7/98</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.29</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,016</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,129</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/99</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.27</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.781</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,051</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,769</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/00</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $1.72</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.469</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">333</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,016</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,026</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/01</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.57</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.880</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">114</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,701</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,924</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2002</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
 total $0.80</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.518</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">180</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,297</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,142</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2003</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10.004</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">217</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,311</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2004</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13.350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">257</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="23"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
12/31/04</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>8,900</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>2,742</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>39,320
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>41,788
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="23"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="3"><font face="Sans-Serif" size="2" color="#004585"><b>Royce Focus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">10/31/96</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Initial Purchase</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4.375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,280</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/31/96</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,520</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,594</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.53</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,574</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/31/98</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,199</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,367</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/99</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.145</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4.750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,742</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,356</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/00</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.34</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.563</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">69</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,151</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,848</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/01</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.14</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.010</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,969</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,193</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/6/02</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.09</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.640</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,844</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,956</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">12/8/03</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Distribution
 $0.62</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">94</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,105</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,406</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">2004</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annual distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.325</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">259</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="23"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
12/31/04</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>4,375</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>1,604</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>15,639
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>16,794
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="23"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"><a name="page7_onestar"></a>*</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p align="justify"><font face="Sans-Serif" size="2">Beginning
 with the 1997 (RVT), 2002 (RMT) and 2004 (FUND) distribution, the purchase price
 of distributions is a weighted average of the distribution reinvestment prices for
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</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"><a name="page7_twostar"></a>**</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Other than
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 after reinvestment of distributions.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="6"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" colspan="7" align="right"><font face="Sans-Serif" size="1" color="#144A87">THE ROYCE FUNDS
 ANNUAL REPORT 2004&#160;&#160;|&#160;&#160;7</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<page>
<hr size="5" color="gray" noshade>
<br>
<a name="page_8"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="16" valign="top"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE VALUE TRUST</b>
</font>
<hr size="2" color="#004585" noshade><br></td>
</tr>
<tr>
<td bgcolor="#DADFED" colspan="16" valign="bottom"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td bgcolor="#DADFED" align="left" colspan="2"><font face="Sans-Serif" color="#003D77" size="2"><p style="margin-left:15px;text-indent:10px"><b>Schedule of Investments</b></p></font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#DADFED" colspan="16" valign="top"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="31%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="31%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>
COMMON STOCKS &#150; 111.7%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Consumer Services &#150; 6.2%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Consumer Products &#150; 9.1%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Direct
 Marketing - 0.2%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Apparel
 and Shoes - 3.1%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><sup><a href="#page14_dagger">&#134</a></sup>Sportsman&#146;s Guide (The) <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">107,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,407,500
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Jones
 Apparel Group</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">81,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,980,455
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">K-Swiss
 Cl. A</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">220,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,418,048
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Leisure
 and Entertainment - 0.3%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Steven Madden <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">74,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,395,640
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Carmike
 Cinemas</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">21,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">766,500</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Oshkosh
 B&#146;Gosh Cl. A</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">104,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,232,020
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>4Kids Entertainment <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">21,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">441,420</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Polo
 Ralph Lauren Cl. A</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">150,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,390,000
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Gemstar-TV
 Guide International <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">201,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,190,512
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Timberland
 Company Cl. A <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,880,100
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Hasbro
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">969,000</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Tommy
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">156,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,759,680
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Warnaco
 Group (The) <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">42,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">907,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,367,432
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Weyco
 Group</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">153,996</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,820,483
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Restaurants
 and Lodgings - 0.9%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,783,626
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Benihana
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">107,250</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">CEC
 Entertainment <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">45,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,798,650
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Collectibles
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">IHOP
 Corporation</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">145,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,078,239
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Action
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">195,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,143,050
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Jack
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">73,740</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">The
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">524,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,306,480
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Ryan&#146;s Restaurant Group <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">939,078</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Enesco
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">47,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">381,376</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Topps
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">410,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,002,375
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,996,957
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<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,833,281
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
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<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">484,425</font>
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<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
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<td valign="bottom" align="right"><font face="sans-serif" size="2">32,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">932,160</font>
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<tr>
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<td valign="bottom" align="right"><font face="sans-serif" size="2">37,800</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">781,326</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Big
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">255,300</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,096,789
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<td valign="bottom" align="right"><font face="sans-serif" size="2">709</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,701,600
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Cabela&#146;s Cl. A <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">227,400</font>
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Lancaster
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">16,900</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">724,503</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>CarMax <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">111,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,446,550
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<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Charming
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">484,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,538,828
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<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,207,429
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Claire&#146;s Stores</p></font></td>
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<td valign="bottom" align="right"><font face="sans-serif" size="2">167,200</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,553,000
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<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Dress
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,760,000
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</tr>
<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">GameStop
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">38,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">849,680</font>
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Ethan
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<td valign="bottom" align="right"><font face="sans-serif" size="2">15,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">600,300</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Krispy Kreme Doughnuts <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">17,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">214,200</font>
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Falcon
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">941,600</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">197,736</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Linens
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">40,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">992,000</font>
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</tr>
<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">128,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,970,434
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Movie
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">35,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">667,450</font>
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</tr>
<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">213,100</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,312,135
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Neiman Marcus Group (The) Cl. A</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,800</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,203,432
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Select Comfort <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,794</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Payless
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<td valign="bottom" align="right"><font face="sans-serif" size="2">209,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,578,080
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<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Stein
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<td valign="bottom" align="right"><font face="sans-serif" size="2">172,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,947,968
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,082,399
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Urban
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<td valign="bottom" align="right"><font face="sans-serif" size="2">65,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,894,880
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Wet
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">202,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">458,540</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Publishing
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Wild Oats Markets <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">81,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">713,610</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Journal Communications Cl. A</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,810,614
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Scholastic
 Corporation <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">130,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,804,800
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">32,558,992
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,615,414
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Other
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Coinstar <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">17,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">456,110</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Sports
 and Recreation - 1.4%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Corinthian Colleges <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">39,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">744,377</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Callaway
 Golf Company</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">275,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,723,300
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>MoneyGram International</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">217,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,589,494
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Coachmen
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">47,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">828,072</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Sotheby&#146;s Holdings Cl. A <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">485,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,811,232
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Monaco
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">161,050</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,312,798
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Oakley
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">325,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,143,750
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">14,601,213
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Sturm,
 Ruger &#038; Company</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">270,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Thor
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">43,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,596,855
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">61,932,094
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">13,875,675
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Financial Intermediaries &#150; 10.0%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Banking
 - 3.0%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Other
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">BOK
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">129,327</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,305,985
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Blyth
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">14,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">434,532</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Farmers &#038; Merchants Bank of Long Beach</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,266</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,190,880
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Burnham
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">36,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">936,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">First
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,130</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,016,150
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Dorel Industries Cl. B <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">34,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,178,865
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Mechanics
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,910,000
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Fossil
 <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">117,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,020,392
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Mercantile
 Bankshares</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,044,000
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Lazare
 Kaplan International <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">103,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">985,236</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">NetBank
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">70,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">728,700</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Leapfrog Enterprises <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">234,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,191,920
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Ocwen Financial <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">47,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">449,320</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Matthews
 International Cl. A</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">166,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,108,800
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Oriental
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">54,147</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,532,916
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>RC2 Corporation <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">190,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,207,040
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134</sup></a>Partners Trust Financial Group</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">130,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,514,500
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">22,062,785
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Total </b></font><font face="sans-serif" size="2">(Cost $65,762,887)</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">90,460,609
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>8&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_9"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="16" valign="top" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b>
</font>
<hr size="2" color="#004585" noshade><br></td>
</tr>
<tr bgcolor="#DADFED">
<td colspan="16" valign="bottom"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td bgcolor="#DADFED" align="center" colspan="2"><font face="Sans-Serif" color="#003D77" size="2">&#160;</font>
</td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td colspan="16" valign="top"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="31%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="31%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Financial Intermediaries (continued)</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">BKF
 Capital Group</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">284,250</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Banking
 (continued)</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Eaton
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">70,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,660,930
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Whitney
 Holding</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">27,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,214,730
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Federated
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">101,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,097,760
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Wilmington
 Trust</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">31,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,120,650
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Gabelli Asset Management Cl. A</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">168,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,180,472
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>MVC Capital</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">174,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,587,184
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,027,831
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Nuveen
 Investments Cl. A</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">138,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,470,542
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Insurance
 - 6.0%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">41,541,030
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Alleghany
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,196,425
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Argonaut
 Group <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">187,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,951,310
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Other
 Financial Services - 0.4%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Aspen Insurance Holdings</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">58,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,422,160
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>CharterMac</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">59,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,456,624
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Baldwin
 &#038; Lyons Cl. B</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">22,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">594,738</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">PRG-Schultz
 International <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">467,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,349,010
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Commerce
 Group</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">49,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,021,480
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Van
 der Moolen Holding ADR <sup><a href="#page14_a">a</a>,</sup><a href="#page14_b"><sup>b</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">21,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">159,390</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Erie Indemnity Company Cl. A</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">139,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,354,543
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>World Acceptance <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">21,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">596,967</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">HCC
 Insurance Holdings</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">794,880</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Leucadia
 National</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">51,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,578,220
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,561,991
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Markel
 Corporation <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,528,800
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Montpelier
 Re Holdings</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">77,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,960,650
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Total </b></font><font face="sans-serif" size="2">(Cost $61,909,042)</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">86,744,731
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">NYMAGIC
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">85,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,155,560
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Navigators
 Group <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">83,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,505,152
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Health &#150; 9.0%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Ohio Casualty <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">187,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,340,270
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Commercial
 Services - 1.9%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">PXRE
 Group</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">166,551</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,198,751
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Covance
 <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">52,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,042,125
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Philadelphia
 Consolidated Holding <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">35,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,314,900
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">First
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">520,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,182,699
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Phoenix
 Companies (The) <sup>d</sup></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">81,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,023,750
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">IDEXX
 Laboratories <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">94,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,147,837
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">ProAssurance
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">76,070</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,975,098
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">PAREXEL
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">277,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,637,310
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">RLI
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">99,724</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,145,527
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Pharmaceutical
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">12,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">495,480</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Reinsurance
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,453,500
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">TriZetto
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">215,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,044,400
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">21st
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">62,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">843,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>USI Holdings <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">231,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">18,549,851
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Wesco
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,750</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,045,750
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Zenith
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">64,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,204,712
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Drugs
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Abgenix
 <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">38,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">392,920</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">59,840,776
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Affymetrix
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">90,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,318,740
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Antigenics
 <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">99,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,004,916
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Real
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Applera
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Sun
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">821,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:30px;text-indent:10px">Celera
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">139,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,914,000
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Cephalon
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">249,312</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Securities
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Cerus
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">21,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">64,232</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">498,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,455,565
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Chiron
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">21,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">726,594</font>
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Knight
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">129,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,420,215
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">DUSA
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">79,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,139,710
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Endo
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">318,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,688,564
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,875,780
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Eon Labs <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">31,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">837,000</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Gene
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">365,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,343,200
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">99,565,487
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Hi-Tech Pharmacal <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">79,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,456,760
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Human
 Genome Sciences <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">90,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,081,800
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Financial Services &#150; 8.7%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Lexicon
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">463,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,592,892
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Information
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Millennium
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">606,000</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Advent
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">151,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,094,528
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Par Pharmaceutical Companies <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">33,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,365,540
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">eFunds
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">204,275</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,904,643
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Perrigo
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">171,750</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,966,122
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">FactSet
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">78,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,587,540
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Priority Healthcare Cl. B <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">47,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,034,075
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Fair
 Isaac</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">67,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,468,564
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Shire
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,853</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">666,253</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Global
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">68,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,009,990
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Interactive
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">134,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,919,682
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,448,630
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">SEI
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">165,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,947,801
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Health
 Services - 0.7%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">28,932,748
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Accredo
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,705</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">241,303</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Albany
 Molecular Research <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">85,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">946,900</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Insurance
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Eclipsys Corporation <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">408,600</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Crawford
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">289,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,023,700
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Gentiva
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,150</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">504,108</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Crawford
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">452,250</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Health
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">27,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">622,528</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Gallagher
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">111,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,614,000
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Lincare
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">34,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,475,690
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Hilb
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">155,050</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,619,012
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">MedQuist
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">73,893</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,093,616
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">On
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">425,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,206,788
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">11,708,962
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Quovadx
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,170</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Investment
 Management - 4.2%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,506,703
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Alliance Capital Management</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:30px;text-indent:10px"><b>
Holding L.P.</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">180,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,568,400
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup><b>&#134;</b></sup></a><b>Apollo Investment</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">774,271</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">11,691,492
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;9</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_10"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="16" valign="top"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE VALUE TRUST</b>
</font>
<hr size="2" color="#004585" noshade><br></td>
</tr>
<tr bgcolor="#DADFED">
<td colspan="16" valign="bottom"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td bgcolor="#DADFED" align="left" colspan="2"><font face="Sans-Serif" color="#003D77" size="2"><p style="margin-left:15px;text-indent:10px"><b>Schedule of Investments</b></p></font>
</td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td colspan="16" valign="top"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="31%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="31%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#003D77" size="2"><b>
Health (continued)</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Machinery
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Medical
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Coherent
<a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">228,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,955,540
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Allied
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">62,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">406,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Federal
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">58,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,034,876
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Arrow International</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">297,602</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,222,686
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>GSI Lumonics <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">69,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">797,860</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>ArthroCare Corporation <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">320,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Global
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">45,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">442,800</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Bruker BioSciences <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">390,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,572,506
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Graco
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">96,825</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,616,414
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">CONMED
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">81,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,316,230
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">IDEX
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">36,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,458,000
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Datascope
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">12,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">476,280</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Lincoln Electric Holdings</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">265,880</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,183,495
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Diagnostic
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,376,250
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">National
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">71,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,945,650
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Invacare
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">88,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,070,880
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Nordson
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">172,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,900,054
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Novoste
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">66,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">113,715</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">PAXAR
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">253,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,611,227
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Orthofix International <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">789,580</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Pason Systems</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">79,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,429,557
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">STERIS
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">173,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,105,932
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">T-3
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">346,710</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,472,042
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Sybron
 Dental Specialties <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">19,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">672,220</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>UNOVA <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">41,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,036,890
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Thoratec
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,840</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Woodward
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">73,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,270,496
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Varian
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">61,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,663,584
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Young
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">62,550</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,109,812
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">49,154,901
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Zoll
 Medical <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">694,880</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Metal
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,932,095
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">CompX
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">302,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,997,019
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Kaydon
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">208,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,891,274
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Personal
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Metal Management</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">65,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,749,237
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Regis
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">37,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,716,780
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">NN</p></font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">127,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,678,991
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Oregon
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">177,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,609,591
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">89,154,059
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Penn
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">251,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,553,960
</font></td>
</tr>
<tr>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Penn
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Industrial Products &#150; 18.4%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:30px;text-indent:10px">Cl. A</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">77,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,164,000
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Automotive
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Adesa</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">126,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,692,818
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24,644,072
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">CLARCOR
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">22,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,204,940
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Gentex Corporation</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,232,306
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Paper
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">IMPCO
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">15,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">117,025</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Peak
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">408,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,671,990
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">LKQ
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">188,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,773,160
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Quantam
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Pumps,
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:30px;text-indent:10px">Worldwide
 <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">15,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">93,310</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Baldor
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">62,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,731,637
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Conbraco
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,630</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,274,210
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,113,559
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Franklin
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">47,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,994,672
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Building
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,000,519
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Decker
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,022</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">210,770</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Preformed
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">91,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,654,568
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<td><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">260,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,101,920
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Aceto
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">41,100</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">782,544</font>
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Albemarle
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<td valign="bottom" align="right"><font face="sans-serif" size="2">34,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,316,140
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">11,967,258
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Balchem
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<td valign="bottom" align="right"><font face="sans-serif" size="2">31,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,082,328
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">CFC
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">123,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,936,480
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</tr>
<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Cabot
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<td valign="bottom" align="right"><font face="sans-serif" size="2">56,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,185,420
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Ash Grove Cement Company Cl. B <a href="#page14_a"><sup>a</sup></a></b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,518</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,224,074
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Hawkins
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">206,878</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,449,436
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">ElkCorp
</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">43,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,471,460
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Lydall
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">593,000</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Florida Rock Industries</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">123,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,322,190
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
MacDermid</b></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">236,631</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,542,379
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Heywood Williams Group <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">838,837</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,518,695
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Material
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">29,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">521,710</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Synalloy
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">345,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,415,500
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">19,409,437
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,951,919
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Textiles
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Industrial
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Tag-It Pacific <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">118,500</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">533,250</font>
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</tr>
<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,067,620
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<td><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">315,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,206,833
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</tr>
<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">26,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">767,660</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">C
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">852,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,740,083
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</tr>
<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">52,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,694,160
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Intermagnetics General <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">26,450</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">672,094</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">135,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,036,150
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<td><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">45,500</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
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<td valign="bottom" align="right"><font face="sans-serif" size="2">1,599,780
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Planar Systems <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></p></font></td>
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<td valign="bottom" align="right"><font face="sans-serif" size="2">46,900</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">526,687</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">114,400</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,158,008
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Powell
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<td valign="bottom" align="right"><font face="sans-serif" size="2">92,400</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,708,476
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<td><font face="sans-serif" size="2">&#160;</font></td>
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<td valign="bottom" align="right"><font face="sans-serif" size="2">85,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,737,050
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</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Woodhead
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">45,400</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">727,762</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Imagistics
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">19,000</font>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">639,540</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Kimball
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">428,380</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,344,308
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">13,052,609
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Maxwell
 Technologies <a href="#page14_a"><sup>a</sup></a></p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">21,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">218,010</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">
Myers Industries</p></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,499</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">390,387</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>10&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_11"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="16" valign="top" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b>
</font>
<hr size="2" color="#004585" noshade><br></td>
</tr>
<tr bgcolor="#DADFED">
<td colspan="16" valign="bottom"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
<td bgcolor="#DADFED"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#DADFED" colspan="16" valign="top"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="31%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="31%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Industrial Products (continued)</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">McDermott
 International <a href="#page14_a"><sup>a</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">71,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,303,560
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Other
 Industrial Products (continued)</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Washington
 Group International <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">140,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,775,000
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Peerless
 Manufacturing <sup><a href="#page14_a">a</a>,</sup><a href="#page14_c"><sup>c</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">158,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,299,700
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Quixote
 Corporation</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">12,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">243,960</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,825,484
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Steelcase
 Cl. A</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">692,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Trinity
 Industries</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">272,640</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Food
 and Tobacco Processors - 0.6%</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Farmer
 Bros.</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">150,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,636,000
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24,595,383
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">MGP
 Ingredients</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">216,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,869,696
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Seneca
 Foods Cl. B <a href="#page14_a"><sup>a</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">118,631</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Total </b></font><font face="sans-serif" size="2">(Cost $103,656,776)</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">182,301,730
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Sunopta <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">41,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">294,380</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Industrial Services - 14.4%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,918,707
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Advertising
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Interpublic
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">230,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,082,000
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<td><font face="sans-serif" size="2">&#160;</font></td>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>ValueClick <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">266,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Central
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,799</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,994,475
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">310,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,261,824
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,348,600
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Strategic
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">115,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,535,250
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Commercial
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">13,791,549
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">ABM
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">134,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,658,256
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Aaron
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">112,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Printing
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Administaff
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">759,122</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Bowne
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">68,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,107,306
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Allied
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">188,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,752,064
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Ennis
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">62,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,206,975
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Brink&#146;s Company (The)</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">107,278</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,239,627
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Carlisle
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">194,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,411,076
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,314,281
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Central
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">83,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,269,570
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Collectors Universe <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">15,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">316,045</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Transportation
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Convergys
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<td valign="bottom" align="right"><font face="sans-serif" size="2">121,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,813,790
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">AirNet
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">219,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">764,310</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Copart
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">138,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,634,792
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Alexander
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,545,200
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Digital Theater Systems <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">18,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">374,418</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Atlas Air Worldwide Holdings <sup><a href="#page14_a">a</a>,</sup><a href="#page14_e"><sup>e</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,424,775
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Harsco
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">12,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">668,880</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">C.
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">40,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,220,800
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Hewitt
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">59,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,888,590
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Continental
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,354,000
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Hudson
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,549</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">879,811</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">EGL
 <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">153,125</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,576,906
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Iron
 Mountain <a href="#page14_a"><sup>a</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">191,175</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,828,926
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Forward Air <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">156,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,995,550
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Kelly
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">754,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Frozen
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">286,635</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,697,591
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Learning
 Tree International <a href="#page14_a"><sup>a</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">53,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">715,560</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Hub
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">77,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,020,940
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
MPS Group <a href="#page14_a"><sup>a</sup></a></b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">643,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,889,310
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Landstar
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">412,384</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Manpower
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">65,800</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,178,140
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Patriot
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">101,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,557,386
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Monster
 Worldwide <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">79,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,657,560
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Swift Transportation Company <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">31,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">665,880</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">New
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">96,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">541,926</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">UTI
 Worldwide</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">35,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,380,700
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Pemstar
 <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">381,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">691,239</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">RemedyTemp
 Cl. A <a href="#page14_a"><sup>a</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">77,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">794,375</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">35,616,422
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Renaissance
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">15,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">278,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Reynolds
 &#038; Reynolds Company Cl. A</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">27,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">715,770</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Other
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Rollins
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">87,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,289,840
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Landauer
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">117,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,388,030
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Spherion
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">TRC
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">42,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">714,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">143,216,859
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Viad Corporation</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">87,550</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,494,299
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Watson
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">81,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,182,950
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>
Natural Resources &#150; 9.2%</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">West
 Corporation <a href="#page14_a"><sup>a</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">75,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,483,250
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Energy
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Atwood
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">19,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,026,370
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">56,013,786
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px"><b>
Carbo Ceramics</b></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">105,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,286,400
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Core
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">233,500</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77">Engineering
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">ENSCO
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,443</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">204,501</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:15px;text-indent:10px"><a href="#page14_dagger"><sup>&#134;</sup></a>Champion Enterprises <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,418,400
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Global
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">119,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">990,655</font>
</td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">EMCOR
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">51,900</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,344,842
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Hanover
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">160,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,260,800
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Fleetwood
 Enterprises <sup><a href="#page14_a">a</a>,</sup><a href="#page14_d"><sup>d</sup></a></font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">234,300</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,153,678
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Helmerich
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">197,400</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,719,496
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Insituform
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">202,200</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,583,874
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Input/Output
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">669,100</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,914,844
</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Jacobs
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">47,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,246,130
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Key
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">118,000</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Precision
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">29,500</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,852,600
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">TETRA
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">42,750</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,209,825
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Tidewater
</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">55,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,979,916
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Universal
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">115,000</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,014,650
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Veritas
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">38,700</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">867,267</font>
</td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:20px;text-indent:10px">Willbros
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<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">289,600</font>
</td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,675,280
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</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">41,354,104
</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="2">&#160;</font></td>
</tr>

</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;11</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_12"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Schedule
 of Investments</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="40%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>VALUE</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="40%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>Natural
 Resources (continued)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">KEMET
 Corporation <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">173,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,548,350</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Oil and Gas
 - 2.7%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kronos
 <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">38,775</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,982,566</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Chesapeake
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">990,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"> <sup><a href="#page14_dagger">&#134;</a></sup>Mercury Computer Systems <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">652,960</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cimarex
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">127,041</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,814,854</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Methode
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">642,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Delta Petroleum <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">611,520</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">318,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">EOG
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">356,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nam
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">827,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Holly
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">278,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Newport
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">152,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,155,890</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Houston Exploration Company (The) <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,815,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Perceptron
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">397,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,901,020</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Penn
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,419,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Plexus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">398,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,187,087</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Pioneer Drilling Company <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">128,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,299,592</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Radiant
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">211,575</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Plains
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">REMEC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">189,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,364,132</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Production
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,989,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>SafeNet <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,240</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,331,458</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Remington
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">78,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,139,125</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>SanDisk Corporation <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">274,670</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">253,600</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">368,900</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,713,980</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,236,098</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,340,671</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">316,000</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61,449,977</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">648,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,777,840</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">431,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">884,985</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Meridian Gold <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">124,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,173,042</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">954,955</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Benchmark
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,608,100</font></td>
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<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,187,250</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Consolidated-Tomoka
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,564</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">583,252</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CNET
 Networks <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,745,142</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Trammell
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">842,115</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CryptoLogic</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">202,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,039,900</font></td>
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<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CyberSource
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">71,500</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,192,657</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DoubleClick
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">181,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,413,626</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Lionbridge Technologies <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">252,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Other Natural
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Openwave Systems <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">494,720</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PICO
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">218,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,532,014</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">RealNetworks
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">565,348</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Satyam
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">482,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,068,796</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Vastera
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">368,200</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>Technology
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,433,036</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Aerospace
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Allied Defense Group (The) <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">67,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,504,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">IT Services
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Armor
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,269,540</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">answerthink
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">655,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,052,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Astronics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">266,192</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">BearingPoint
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">524,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,207,720</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ducommun
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">117,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,443,620</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Black
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,256,940</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Herley
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,680</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CACI
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">681,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Integral
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">968,610</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CGI
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">106,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">709,555</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CIBER
 <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">96,400</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,492,742</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Computer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">566,160</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Covansys
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">251,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,849,480</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Components
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DiamondCluster
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,152,132</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">American
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">151,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,235,680</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Forrester
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">95,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,709,682</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">940,590</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gartner
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">316,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,937,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Belden
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,340,960</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">480,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,056,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Checkpoint Systems <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">103,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,859,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MAXIMUS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">145,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,540,408</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dionex
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,590,270</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Perot
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,646,553</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Excel
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">168,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,381,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sapient
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">719,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,690,454</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2">  <sup><a href="#page14_dagger">&#134;</a></sup>Hutchinson Technology <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">518,550</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Syntel</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">148,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,604,690</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Imation
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">499,731</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Unisys
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">325,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,308,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">InFocus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">723,640</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">48,065,634</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>12&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_13"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585">&#160</font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="40%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>VALUE</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="40%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Technology
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page14_dagger">&#134;</a></sup>Powerwave Technologies <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">890,400</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Scientific-Atlanta</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,631,303</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">BE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">324,220</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Time
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">179,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">780,440</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cabot
 Microelectronics <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">170,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,840,540</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tollgrade
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">244,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CEVA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,666</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">288,382</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cognex
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">118,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,303,360</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,392,155</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page14_dagger">&#134;</a></sup>Conexant Systems <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,980</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,840</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Credence
 Systems <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">490,440</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">213,256,828</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cymer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">428,330</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DSP
 Group <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">115,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,567,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Utilities
 - 0.2%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DuPont
 Photomasks <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">924,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CH
 Energy Group</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,138,225</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Exar
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">245,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,486,483</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Southern
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,025</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">264,380</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fairchild
 Semiconductor</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">International
 Cl. A <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">832,512</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,402,605</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Helix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">641,691</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Integrated
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,569,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Miscellaneous
 - 5.0%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Intevac
 <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">760,158</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,571,124</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kulicke
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">911,996</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lattice
 Semiconductor <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">254,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,447,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>TOTAL COMMON
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mentor
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">225,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,450,953</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,109,674,922</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">National
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,371,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Novellus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">334,680</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>PREFERRED
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Semitool
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">464,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aristotle
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,120</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Silicon
 Storage Technology <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">452,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Veeco
 Instruments <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,369,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>TOTAL PREFERRED
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost
 $31,005)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,120</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,283,815</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>PRINCIPAL
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Software -
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>AMOUNT
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ANSYS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">641,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>CORPORATE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aspen
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">168,291</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Dixie Group
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Autodesk</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,629,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Conv.
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$&#160;&#160;&#160;&#160;490,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">470,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Business
 Objects ADR <sup><a href="#page14_a">a</a>,<a href="#page14_b">b</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">519,470</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Richardson
 Electronics 7.25%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">JDA
 Software Group <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,360,638</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Conv.
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,157,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,157,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MRO
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">598,920</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Macromedia
 <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,605,792</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>TOTAL CORPORATE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ManTech
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">135,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,204,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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 $1,450,159)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,627,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Manugistics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">141,204</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Novell
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">95,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">641,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>U.S. TREASURY
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Progress
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">712,175</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">U. S. Treasury
 Notes</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SPSS
 <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">179,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,808,944</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">5.625%
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,773,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sybase
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,647,870</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Transaction
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">213,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,231,027</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>TOTAL U.S.
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,773,450</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,911,581</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>REPURCHASE
 AGREEMENT - 6.7%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585">Telecommunications
 - 1.8%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">State Street
 Bank & Trust Company,</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Broadwing
 Corporation <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,110</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">1.80%
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Catapult
 Communications <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,814,416</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">maturity
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Covad
 Communications Group <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(collateralized
 by Federal Home Loan</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Globecomm
 Systems <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">233,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,486,332</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mortgage
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IDT
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">367,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Federal
 National Mortgage Association,</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IDT
 Corporation Cl. B <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">619,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ITT
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">113,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,373,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,819,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Level
 3 Communications <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">280,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">950,556</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Metro
 One Telecommunications <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PECO
 II <sup><a href="#page14_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">93,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">110,448</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;13</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_14"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>DECEMBER 31, 2004</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Schedule
 of Investments</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="50%">
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
<b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>COLLATERAL
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">U.S. Treasury
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">8.125%-12.00%
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,733</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">U.S. Treasury
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">3.375%
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28,684</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Money Market
 Funds</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">State
 Street Navigator Securities Lending</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Prime
 Portfolio</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">72,121,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost
 $72,189,797)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">72,189,797</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>TOTAL INVESTMENTS
 &#150; 128.5%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost
 $910,233,961)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,276,123,689</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>LIABILITIES
 LESS CASH</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
AND OTHER ASSETS &#150; (6.3)%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(62,819,260</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>PREFERRED
 STOCK &#150; (22.2)%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(220,000,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>NET ASSETS
 APPLICABLE TO</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
COMMON STOCKHOLDERS &#150; 100.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="right"><font face="Sans-Serif" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>993,304,429
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="3"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page14_a"></a><sup>a</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Non-income
 producing.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page14_b"></a><sup>b</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">American Depository
 Receipt.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"><a name="page14_c"></a><sup>c</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p align="justify"><font face="Sans-Serif" size="2">At
 December 31, 2004, the Fund owned 5% or more of the Company&#146;s outstanding voting
 securities thereby making the Company an Affiliated Company as that term is defined
 in the Investment Company Act of 1940.</font></p></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page14_d"></a><sup>d</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">A
 portion of these securities were on loan at December 31, 2004. Total market value
 of loaned securities at December 31, 2004, was $70,152,378.</font></p></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page14_e"></a><sup>e</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">When Issued.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page14_dagger"></a><sup>&#134;</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">New additions
 in 2004.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Bold indicates
 the Fund&#146;s largest 20 equity holdings in terms of December 31, 2004, market
 value.</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><DIV align="justify"><font face="Sans-Serif" size="2">
<b>INCOME TAX INFORMATION:</b>The cost of total investments for Federal
 income tax purposes was $912,095,358. At December 31, 2004, net unrealized appreciation
 for all securities was $364,028,331, consisting of aggregate gross unrealized appreciation
 of $400,021,845 and aggregate gross unrealized depreciation of $35,993,514. The
 primary differences in book and tax basis cost is the timing of the recognition
 of losses on securities sold and amortization of discount for book and tax purposes.</font></div></td>
</tr>
<tr>
<td valign="bottom" colspan="3"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>14&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_15"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>DECEMBER 31, 2004</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Statement of Assets and Liabilities
</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>ASSETS:
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Investments
 at value (including collateral on loaned securities)<a href="#page15_onestar">*</a></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Non-Affiliates
 (cost $835,378,422)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,203,391,753</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Affiliated
 Companies (cost $8,036,539)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,912,936</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total investments
 at value</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,209,304,689</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Repurchase
 agreement (at cost and value)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,819,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Cash</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">227,027</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Receivable
 for investments sold</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,524,033</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Receivable
 for dividends and interest</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,404,388</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 Assets</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,290,279,137</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>LIABILITIES:
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Payable for
 collateral on loaned securities</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">72,189,797</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Payable for
 investments purchased</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,123,651</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Payable for
 investment advisory fee</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,092,809</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Preferred
 dividends accrued but not yet declared</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">288,449</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Accrued expenses</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">280,002</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 Liabilities</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,974,708</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>PREFERRED
 STOCK:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">5.90% Cumulative
 Preferred Stock &#150; $0.001 par value, $25 liquidation value per share; 8,800,000
 shares outstanding</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">220,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 Preferred Stock</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">220,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">993,304,429</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>ANALYSIS
 OF NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Common Stock
 paid-in capital &#150; $0.001 par value per share; 52,415,890 shares outstanding
 (150,000,000 shares authorized)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">621,085,067</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Accumulated
 net realized gain (loss) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,618,083</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net unrealized
 appreciation (depreciation) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">365,889,728</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Preferred
 dividends accrued but not yet declared</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(288,449</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 Assets applicable to Common Stockholders (net asset value per share &#150; $18.95)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">993,304,429</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page15_onestar"></a>*Investments
 at identified cost (including $72,189,797 of collateral on loaned securities)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">843,414,961</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;15</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_16"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>YEAR ENDED DECEMBER 31, 2004</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Statement of Operations
</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>INVESTMENT
 INCOME:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Income:</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dividends</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Non-Affiliates</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 7,523,733</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Affiliated
 Companies</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,748</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Interest</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,345,616</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Securities
 lending</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">129,238</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total income</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,079,335</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Expenses:</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Investment
 advisory fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,476,948</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stockholder
 reports</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">388,775</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Custody
 and transfer agent fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">258,635</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Directors&#146; fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,268</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Administrative
 and office facilities expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">108,546</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Professional
 fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54,676</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
 expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">119,494</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total expenses</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,529,342</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net investment
 income (loss)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(4,450,007</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>REALIZED
 AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net realized
 gain (loss) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Non-Affiliates</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,856,818</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Affiliated
 Companies</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,224,129</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net change
 in unrealized appreciation (depreciation) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">87,658,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net realized
 and unrealized gain (loss) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">195,739,847</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>NET INCREASE
 (DECREASE) IN NET ASSETS RESULTING FROM INVESTMENT OPERATIONS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">191,289,840</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12,980,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS RESULTING
 FROM INVESTMENT OPERATIONS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">178,309,840</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>16&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
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<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_17"></a>
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<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585">&#160;</font></td>
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<table border="0" cellpadding="0" cellspacing="0" width="100%">
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<td valign="bottom"><hr size="2" color="#004585" noshade></td>
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<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Statement of Changes in Net Assets</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Year ended<br>12/31/04</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Year ended<br>12/31/03</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>INVESTMENT OPERATIONS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 investment income (loss)</font></p></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">(4,450,007</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">(2,493,169</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 realized gain (loss) on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">108,080,947</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">74,989,675</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 change in unrealized appreciation (depreciation) on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">87,658,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">208,275,790</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 increase (decrease) in net assets resulting from investment operations</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">191,289,840</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">280,772,296</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 realized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12,980,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12,252,107</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quarterly
 distributions accrued but not yet declared</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(22,225</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 distributions to Preferred Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12,980,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12,274,332</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>RESULTING FROM INVESTMENT OPERATIONS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">178,309,840</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">268,497,964</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 realized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(78,920,089</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(61,293,595</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 distributions to Common Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(78,920,089</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(61,293,595</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>CAPITAL STOCK TRANSACTIONS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 proceeds from rights offering</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54,487,617</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Offering
 costs from issuance of Preferred Stock</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(7,261,800</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Reinvestment
 of distributions to Common Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,141,563</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,567,306</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 capital stock transactions</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,141,563</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82,793,123</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">142,531,314</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">289,997,492</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Beginning
 of year</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">850,773,115</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">560,775,623</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">End
 of year</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">993,304,429</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">850,773,115</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;17</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_18"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Financial Highlights</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td><div align="justify"><font face="Sans-Serif" size="2">This table is presented to show selected data for a share of Common
 Stock outstanding throughout each period, and to assist stockholders in evaluating the
Fund&#146;s performance for the periods presented.</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="14" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Years ended December 31,</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="14"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left" width="60%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left" width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>2004</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>2003</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>2002</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>2001</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>2000</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>NET ASSET
 VALUE, BEGINNING OF PERIOD</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$17.03</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$13.22</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$17.31</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$16.56</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$15.77</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>INVESTMENT
 OPERATIONS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 investment income (loss)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.05</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.05</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.18</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 realized and unrealized gain (loss) on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3.81</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.64</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(2.25</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.58</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.58</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total investment
 operations</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3.73</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.59</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(2.27</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.63</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.76</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 investment income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.03</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 realized gain on investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.26</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.26</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.28</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total distributions
 to Preferred Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.26</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.26</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.29</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.31</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.33</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="16"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>NET INCREASE
 (DECREASE) IN NET ASSETS APPLICABLE TO COMMON</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>STOCKHOLDERS RESULTING FROM INVESTMENT OPERATIONS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3.47</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.33</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(2.56</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.32</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.43</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>DISTRIBUTIONS
 TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 investment income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.07</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.05</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.55</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.44</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.44</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.35</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total distributions
 to Common Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.55</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.51</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.49</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.48</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>CAPITAL
 STOCK TRANSACTIONS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Effect
 of reinvestment of distributions by Common Stockholders</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.00</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Effect
 of rights offering and Preferred Stock offering</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.22</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 capital stock transactions</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.22</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>NET ASSET
 VALUE, END OF PERIOD</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$18.95</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$17.03</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$13.22</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$17.31</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$ 16.56</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" colspan="16"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>MARKET
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$20.44</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$17.21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$13.25</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$15.72</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$14.438</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>TOTAL RETURN
 (<a href="#page18_a">a</a>):</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Market Value</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42.0</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(6.9</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20.0</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net Asset
 Value</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21.4</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40.8</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(15.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15.2</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>RATIOS
 BASED ON AVERAGE NET ASSETS APPLICABLE TO</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>COMMON STOCKHOLDERS:</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total expenses
 (<a href="#page18_b">b</a>,<a href="#page18_c">c</a>)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.51</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.49</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.72</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.61</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.43</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Management
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.39</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.34</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.56</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.45</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.25</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.12</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.15</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.16</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net investment
 income (loss)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.50</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.36</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.09</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.35</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>SUPPLEMENTAL
 DATA:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net Assets
 Applicable to Common Stockholders,</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">End
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$993,304</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$850,773</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$560,776</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$689,141</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$623,262</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Liquidation
 Value of Preferred Stock,</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">End
 of Period (in thousands)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$220,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$220,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$160,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Portfolio
 Turnover Rate</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>PREFERRED
 STOCK:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total shares
 outstanding</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,800,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,800,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Asset coverage
 per share</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$137.88</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$121.68</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$112.62</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$132.68</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$122.38</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Liquidation
 preference per share</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Average market
 value per share (<a href="#page18_d">d</a>):</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">5.90%
 Cumulative</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$24.50</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.04</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">7.80%
 Cumulative</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.87</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$26.37</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.70</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$23.44</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">7.30%
 Tax-Advantaged Cumulative</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.53</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.82</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.37</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$22.35</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" width="3%"><font face="Times New Roman" size="2"><a name="page18_a"></a>(a)</font></td>
<td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">The
 Market Value Total Return is calculated assuming a purchase of Common Stock on the
 opening of the first business day and a sale on the closing of the last business
 day of each period reported. Dividends and distributions, if any, are assumed for
 the purposes of this calculation, to be reinvested at prices obtained under the
 Fund&#146;s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total
 Return is calculated on the same basis, except that the Fund&#146;s net asset value
 is used on the purchase and sale dates instead of market value.</font></p></td>
</tr>
<tr>
<td valign="top"><font face="Times New Roman" size="2"><a name="page18_b"></a>(b)</font></td>
<td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">Expense
 ratios based on total average net assets including liquidation value of Preferred
 Stock were 1.21%, 1.19%, 1.38%, 1.30% and 1.12% for the periods ended December 31,
 2004, 2003, 2002, 2001 and 2000, respectively.</font></p></td>
</tr>
<tr>
<td valign="top"><font face="Times New Roman" size="2"><a name="page18_c"></a>(c)</font></td>
<td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">Expense
 ratios based on average net assets applicable to Common Stockholders before waiver
 of fees by the investment adviser would have been 1.62%, 1.82%, 1.65% and 1.51%
 for the periods ended December 31, 2003, 2002, 2001 and 2000, respectively.</font></p></td>
</tr>
<tr>
<td valign="top"><font face="Times New Roman" size="2"><a name="page18_d"></a>(d)</font></td>
<td valign="bottom" align="left"><p align="justify"><font face="Times New Roman" size="2">The
 average of month-end market values during the period that the preferred stock was
 outstanding.</font></p></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>18&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_19"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left" colspan="2"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements

</b></font></td>
</tr>
<tr>
<td valign="top" colspan="2"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="49%"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b><br>Summary
 of Significant Accounting Policies:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Royce Value Trust, Inc. (&#147;the
 Fund&#148;) was incorporated under the laws of the State of Maryland on July 1,
 1986 as a diversified closed-end investment company. The Fund commenced operations
 on November 26, 1986.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with
 accounting principles generally accepted in the United States of America requires
 management to make estimates and assumptions that affect the reported amounts of
 assets and liabilities and the disclosure of contingent assets and liabilities at
 the date of the financial statements, and the reported amounts of income and expenses
 during the reporting period. Actual results could differ from those estimates.<br>
<br></font><font face="Sans-Serif" size="2" color="#004585"><b>Valuation of Investments:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Securities are valued as of the close of
 trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the
 valuation date. Securities that trade on an exchange or Nasdaq are valued at their
 last reported sales price taken from the primary market in which each security trades
 or, if no sale is reported for such day, at their bid price. Other over-the-counter
 securities for which market quotations are readily available are valued at their
 bid price. Securities for which market quotations are not readily available are
 valued at their fair value under procedures established by the Fund&#146;s Board
 of Directors. Bonds and other fixed income securities may be valued by reference
 to other securities with comparable ratings, interest rates and maturities, using
 established independent pricing services.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Investment Transactions and
 Related Investment Income:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Investment transactions are accounted for on the
 trade date. Dividend income is recorded on the ex-dividend date and any non-cash
 dividend income is recorded at the fair market value of the securities received.
 Interest income is recorded on an accrual basis. Realized gains and losses from
 investment transactions are determined on the basis of identified cost for book
 and tax purposes.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Expenses:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund incurs direct and indirect
 expenses. Expenses directly attributable to the Fund are charged to the Fund&#146;s
 operations, while expenses applicable to more than one of the Royce Funds are allocated
 in an equitable manner. Allocated personnel and occupancy costs related to The Royce
 Funds are included in administrative and office facilities expenses. The Fund has
 adopted a deferred fee agreement that allows the Fund&#146;s Directors to defer
 the receipt of all or a portion of Directors&#146; Fees otherwise payable. The deferred
 fees are invested in certain Royce Funds until distributed in accordance with the
 agreement.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Taxes:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As a qualified regulated investment company under
 Subchapter M of the Internal Revenue Code, the Fund is not subject to income taxes
 to the extent that it distributes substantially all of its taxable income for its
</font></div></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top" align="left"><div align="justify"><font face="Sans-Serif" size="2"><br>fiscal year.
 The Schedule of Investments includes information regarding income taxes under the
 caption &#147;Income Tax Information&#148;.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Distributions:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
 Fund currently has a policy of paying quarterly distributions on the Fund&#146;s
 Common Stock. Distributions are currently being made at the annual rate of 9% of
 the rolling average of the prior four calendar quarter-end NAVs of the Fund&#146;s
 Common Stock, with the fourth quarter distribution being the greater of 2.25% of
 the rolling average or the distribution required by IRS regulations. Distributions
 to Preferred Stockholders are recorded on an accrual basis and paid quarterly. The
 Fund is required to allocate long-term capital gain distributions and other types
 of income proportionately to distributions made to holders of shares of Common Stock
 and Preferred Stock. To the extent that distributions are not paid from long-term
 capital gains, net investment income or net short-term capital gains, they will
 represent a return of capital. Distributions are determined in accordance with income
 tax regulations that may differ from accounting principles generally accepted in
 the United States of America. Permanent book and tax basis differences relating
 to stockholder distributions will result in reclassifications within the capital
 accounts. Undistributed net investment income may include temporary book and tax
 basis differences, which will reverse in a subsequent period. Any taxable income
 or gain remaining undistributed at fiscal year end is distributed in the following
 year.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Repurchase Agreements:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund entered into repurchase agreements
 with respect to its portfolio securities solely with State Street Bank and Trust
 Company (&#147;SSB&#038;T&#148;), the custodian of its assets. The Fund restricts
 repurchase agreements to maturities of no more than seven days. Securities pledged
 as collateral for repurchase agreements, which are held by SSB&#038;T until maturity
 of the repurchase agreements, are marked-to-market daily and maintained at a value
 at least equal to the principal amount of the repurchase agreement (including accrued
 interest). Repurchase agreements could involve certain risks in the event of default
 or insolvency of SSB&#038;T, including possible delays or restrictions upon the
 ability of the Fund to dispose of the underlying securities.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Securities
 Lending:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund loans securities to qualified institutional investors for
 the purpose of realizing additional income. Collateral on all securities loaned
 for the Fund is accepted in cash and is invested temporarily by the custodian. The
 collateral is equal to at least 100% of the current market value of the loaned securities.
<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Capital Stock:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund issued 2,459,541 and 2,448,904 shares of
 Common Stock as reinvestment of distributions by Common Stockholders for the years
 ended December 31, 2004 and 2003, respectively.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On March 10, 2003, the Fund completed
 a rights offering of Common Stock to its stockholders at the rate of one common
 share for each 10</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;19</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_20"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements (continued)

</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="49%" valign="top" align="left"><div align="justify"><font face="Sans-Serif" size="2"><br>rights held
 by stockholders of record on January 28, 2003. The rights offering was fully subscribed,
 resulting in the issuance of 5,090,083 common shares at a price of $10.77, and proceeds
 of $54,820,194 to the Fund prior to the deduction of estimated expenses of $332,577.
 The net asset value per share of the Fund&#146;s Common Stock was reduced by approximately $0.07
 per share as a result of the issuance.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On October 10, 2003, the Fund redeemed
 all (2,400,000 shares) of its then outstanding 7.80% Cumulative Preferred Stock
 at the redemption price of $25.00 per share, plus accumulated and unpaid dividends
 through the redemption date of $0.0975 per share, and all (4,000,000 shares) of its
 outstanding 7.30% Tax-Advantaged Cumulative Preferred Stock at the redemption price
 of $25.00 per share, plus accumulated and unpaid dividends through the redemption
 date of  $0.09125 per share. On October 9, 2003, the Fund received net proceeds of
  $213,070,000 (after underwriting discounts of  $6,930,000 and before estimated offering
 expenses of $331,800) from the public offering of 8,800,000 shares of 5.90% Cumulative
 Preferred Stock. Commencing October 9, 2008 and thereafter, the Fund, at its option,
 may redeem the 5.90% Cumulative Preferred Stock, in whole or in part, at the redemption
 price. <br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At December 31, 2004, 8,800,000 shares of 5.90% Cumulative Preferred
 Stock were outstanding. The Fund&#146;s Cumulative Preferred Stock is classified
 outside of permanent equity (net assets applicable to Common Stockholders) in the
 accompanying financial statements in accordance with Emerging Issues Task Force
 (EITF) Topic D-98, Classification and Measurement of Redeemable Securities, that
 requires preferred securities that are redeemable for cash or other assets to be
 classified outside of permanent equity to the extent that the redemption is at a
 fixed or determinable price and at the option of the holder or upon the occurrence
 of an event that is not solely within the control of the issuer.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund is
 required to meet certain asset coverage tests with respect to the Cumulative Preferred
 Stock as required by the 1940 Act. In addition, pursuant to the Rating Agency Guidelines
 established by Moody&#146;s, the Fund is required to maintain a certain discounted
 asset coverage. If the Fund fails to meet these requirements and does not correct
 such failure, the Fund may be required to redeem, in part or in full, the Cumulative
 Preferred Stock at a redemption price of $25.00 per share, plus an amount equal to
 the accumulated and unpaid dividends, whether or not declared on such shares, in
 order to meet these requirements. Additionally, failure to meet the foregoing asset
 coverage requirements could restrict the Fund&#146;s ability to pay dividends to
 Common Shareholders and could lead to sales of portfolio securities at inopportune
 times. The Fund has met these requirements since issuing the Preferred Stock.</font></div>
</td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Sans-Serif" size="2"><b><br>Investment
 Advisory Agreement:<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</b>As compensation for its services under the Investment
 Advisory Agreement, Royce &#038; Associates, LLC (&#147;Royce&#148;) receives a fee comprised
 of a Basic Fee (&#147;Basic Fee&#148;) and an adjustment to the Basic Fee based
 on the investment performance of the Fund in relation to the investment record of
 the S&P 600 SmallCap Index (&#147;S&P 600&#148;).<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Basic Fee is a monthly
 fee equal to 1/12 of 1% (1% on an annualized basis) of the average of the Fund&#146;s
 month-end net assets applicable to Common Stockholders, plus the liquidation value
 of Preferred Stock, for the rolling 60-month period ending with such month (the
 &#147;performance period&#148;). The Basic Fee for each month is increased or decreased
 at the rate of 1/12 of .05% for each percentage point that the investment performance
 of the Fund exceeds, or is exceeded by, the percentage change in the investment
 record of the S&P 600 for the performance period by more than two percentage points.
 The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12
 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for
 performance is 1/12 of 1.5% and is payable if the investment performance of the
 Fund exceeds the percentage change in the investment record of the S&P 600 by 12
 or more percentage points for the performance period, and the minimum monthly fee
 rate as adjusted for performance is 1/12 of .5% and is payable if the percentage
 change in the investment record of the S&P 600 exceeds the investment performance
 of the Fund by 12 or more percentage points for the performance period.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Notwithstanding
 the foregoing, Royce is not entitled to receive any fee for any month when the investment
 performance of the Fund for the rolling 36-month period ending with such month is
 negative. In the event that the Fund&#146;s investment performance for such a performance
 period is less than zero, Royce will not be required to refund to the Fund any fee
 earned in respect of any prior performance period.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Royce has voluntarily committed
 to waive the portion of its investment advisory fee attributable to an issue of
 the Fund&#146;s Preferred Stock for any month in which the Fund&#146;s average annual
 NAV total return since issuance of the Preferred Stock fails to exceed the applicable
 Preferred Stock&#146;s dividend rate.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For the year ended December 31, 2004, the
 Fund accrued and paid Royce advisory fees totaling $12,476,948.</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>20&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_21"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2" color="#004585"><b>Distributions to Stockholders:</b></font><br><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;The tax character
 of distributions paid to stockholders during 2004 and 2003 was as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" colspan="8"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Distributions
 paid from:</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>2004</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>2003</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ordinary
 income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#151;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,416,811</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Long-term
 capital gain</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,900,089</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">72,128,891</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="6"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,900,089</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,545,702</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;As of December 31, 2004, the tax basis components
 of distributable earnings included in stockholder&#146;s equity were as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Undistributed
 net investment income</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2">2,209,226</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Undistributed
 long-term capital gain</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,270,254</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Unrealized
 appreciation</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">364,028,331</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Accrued preferred
 distributions</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(288,449</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">372,219,362</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p align="justify"><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;For financial
 reporting purposes, capital accounts and distributions to shareholders are adjusted
 to reflect the tax character of permanent book / tax differences. For the year ended
 December 31, 2004, the Fund recorded the following permanent reclassifications,
 which relate primarily to the current net operating losses. Results of operations
 and net assets were not affected by these reclassifications.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" colspan="7"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Undistributed</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Accumulated</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Net Investment</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Net Realized</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Paid-in</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Income</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Gain (Loss)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Capital</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">$4,450,007</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="19%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">$(4,700,432)</font></td>
<td width="21%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">$250,425</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Purchases and Sales of Investment
 Securities:</b></font><br><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;For the year
 ended December 31, 2004, the cost of purchases and proceeds from sales of investment
 securities, other than short-term securities and collateral received for securities
 loaned, amounted to $335,554,494 and $303,014,891, respectively.</font></p>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Transactions in Shares of Affiliated
 Companies:</b></font><br><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;An &#147;Affiliated Company&#148;, as defined in the Investment Company Act of 1940, is a company in which a
 Fund owns 5% or more of the company&#146;s outstanding voting securities. The Fund
 effected the following transactions in shares of such companies during the year
 ended December 31, 2004:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Shares</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Market Value</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Cost of</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Cost of</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Realized</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Dividend</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Shares</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Market Value</b></font></td>
</tr>
<tr>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Affiliated
 Company</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>12/31/03</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>12/31/03</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Purchases</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Sales</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Gain (Loss)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Income</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>12/31/04</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>12/31/04</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="33"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">CompX International<a href="#page21_onestar">*</a></font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">482,200</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">3,086,080</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">944,475</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,856,279</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">37,788</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Falcon Products</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">761,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,351,040</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">368,250</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">941,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">197,736</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">MGP Ingredients<a href="#page21_onestar">*</a></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">417,322</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,572,822</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,990,704</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,346,015</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,960</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Peerless Manufacturing</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">158,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,045,940</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">158,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,299,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Richardson
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">7.25%
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,319,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,213,480</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140,165</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,835</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Synalloy Corporation</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">345,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,387,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">345,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,415,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="33"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,656,762</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,224,129</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,748</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,912,936</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="33"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2"><a name="page21_onestar"></a>*Not an Affiliated Company at December 31,
 2004.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;21</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_22"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Serif" color="#004585"><b>&#160;&#160;&#160;Report of Independent Registered Public Accounting Firm</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
</table>
<p><font face="Serif" color="#004585"><b>To the Board of Directors and Stockholders of Royce Value Trust, Inc.</b></font></p>
<p align="justify"><font face="Serif">&#160;&#160;&#160;&#160;&#160;&#160;We have audited the accompanying statement of assets and liabilities of Royce Value
 Trust, Inc., including the schedule of investments, as of December 31, 2004, and
 the related statement of operations for the year then ended, and the statement of
 changes in net assets for the two years in the period then ended and the financial
 highlights for each of the five years in the period then ended. These financial
 statements and financial highlights are the responsibility of the Fund&#146;s management.
 Our responsibility is to express an opinion on these financial statements and financial
 highlights based on our audits.<br>&#160;&#160;&#160;&#160;&#160;&#160;We conducted our audit in accordance with the
 standards of the Public Company Accounting Oversight Board (U.S.). Those standards
 require that we plan and perform the audit to obtain reasonable assurance about
 whether the financial statements and financial highlights are free of material misstatement.
 An audit includes examining, on a test basis, evidence supporting the amounts and
 disclosures in the financial statements and financial highlights. Our procedures
 included confirmation of securities owned as of December 31, 2004, by correspondence
 with the custodian and brokers. An audit also includes assessing the accounting
 principles used and significant estimates made by management, as well as evaluating
 the overall financial statement presentation. We believe that our audit provides
 a reasonable basis for our opinion.<br>&#160;&#160;&#160;&#160;&#160;&#160;In our opinion, the financial statements
 and financial highlights referred to above and audited by us present fairly, in
 all material respects, the financial position of Royce Value Trust, Inc. at December
 31, 2004, the results of its operations for the year then ended, the changes in
 its net assets for each of the two years in the period then ended and the financial
 highlights for each of the five years in the period then ended, in conformity with
 accounting principles generally accepted in the United States of America.<br><br><br>
TAIT, WELLER &#038; BAKER<br><br>
Philadelphia, PA<br>January 21, 2005</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>22&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_23"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Schedule of Investments</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%"  valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="7%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>COMMON
 STOCKS &#150; 102.2%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Retail Stores
 - 4.0%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>America&#146;s Car-Mart <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">266,000</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Consumer
 Products &#150; 5.4%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Brookstone
 <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,011,712</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Apparel and
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Buckle
 (The)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,076,750</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ashworth
 <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,759</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cato
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,671,560</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">146,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,552,625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Conn&#146;s <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">386,860</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kleinert&#146;s <sup><a href="#page28_a">a</a>,<a href="#page28_d">d</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Deb
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,900</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">498,296</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Steven
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">273,470</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dress
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,660</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">944,416</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Marisa
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,664</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">La
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,900</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">996,426</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oshkosh
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">791,800</font></td>
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<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Party City <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">562,455</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Skechers
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">129,600</font></td>
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<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>REX Stores <sup><a href="#page28_a">a</a></sup></font></p></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">124,558</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,657,400</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Shoe
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">143,000</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Stein Mart <sup><a href="#page28_a">a</a></sup></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">213,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,649,134</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,518,318</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">United
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">262,398</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,593,565</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Enesco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,400</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">302,192</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">148,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,447,875</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Other Consumer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ambassadors
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">267,075</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,750,067</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ambassadors
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,100</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">95,953</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Autobytel <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">120,800</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Food/Beverage/Tobacco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>EZCORP Cl. A <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">231,150</font></td>

</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,600</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">667,660</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Rent-Way
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">544,680</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Home Furnishing
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,259,658</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lifetime
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,554</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,042,309</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stanley
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">112,375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
</b></font><font face="Sans-Serif" size="2"> (Cost $8,431,877)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,269,182</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,154,684</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Diversified
 Investment Companies &#150; 1.6%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Closed-End
 Mutual Funds - 1.6%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Sports and
 Recreation - 0.6%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a><b>ASA Bermuda</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,296,675</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Monaco
 Coach</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,520,123</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Central
 Fund of Canada Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">237,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,296,390</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">National
 R.V. Holdings <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">306,234</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
</b></font><font face="Sans-Serif" size="2"> (Cost $4,055,600)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,593,065</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,826,357</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Financial
 Intermediaries &#150; 5.7%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Other Consumer
 Products - 1.0%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Banking
 - 2.0%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Burnham
 Holdings Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Arrow
 Financial</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,905</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">431,055</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cobra
 Electronics <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">First
 Midwest Financial</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,503,360</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cross
 (A. T.) Company Cl. A <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">495,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">First
 National Lincoln</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">701,530</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">JAKKS
 Pacific <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">663,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">FirstBank
 NW</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,930</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140,061</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lazare
 Kaplan International <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">151,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,442,667</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lakeland
 Financial</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">893,250</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pacific
 Mercantile Bancorp <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">755,136</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,708,067</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Queen
 City Investments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">948</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">583,020</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sterling
 Bancorp</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,780</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">615,285</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
</b></font><font face="Sans-Serif" size="2"> (Cost $7,542,995)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,625,153</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,622,697</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Consumer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Direct Marketing
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Insurance
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">J.
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,159</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">American
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,700</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sportsman&#146;s Guide (The) <sup><a href="#page28_a">a</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">562,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Argonaut
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">652,917</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ValueVision
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">69,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">258,405</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,315,309</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Independence
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,534</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">618,702</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">678,209</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NYMAGIC</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,654,620</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Navigators
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,120,092</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Leisure and
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PXRE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,164</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,844,464</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IMAX
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">206,225</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ProAssurance
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,145,923</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Multimedia Games <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">78,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wellington
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">444,712</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">760,410</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Singing
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TiVo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">117,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,194,137</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">405,925</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Securities
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sanders
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">374,010</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Media and
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stifel
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,733</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">245,806</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Outdoor Channel Holdings <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">69,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">969,525</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">619,816</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Restaurants
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Angelo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,333</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,436,650</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Benihana
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">BUCA
 <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">208,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">California
 Pizza Kitchen <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">138,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">362,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>


<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;23</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_24"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Schedule of Investments</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="7%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Financial Services &#150; 1.5%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">On
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">135,459</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Investment Management - 0.6%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quovadx
 <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,950</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>MVC Capital</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">207,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,882,284</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">RehabCare
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">615,780</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sierra
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,204,400</font></td>

</tr>



<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Other Financial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Sun Healthcare Group <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">92,110</font></td>


</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Clark
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">324,368</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Superior
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">84,400</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">E-LOAN
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">90,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">305,890</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">U.S.
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">154,200</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MicroFinancial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PRG-Schultz
 International <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">365,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,835,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,431,568</font></td>


</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,503,708</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Medical Products
 and Devices - 4.0%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
</b></font><font face="Sans-Serif" size="2"> (Cost $4,177,536)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,385,992</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Allied
 Healthcare Products <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">253,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,660,425</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Candela Corporation <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">613,440</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Health
 &#150; 11.9%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CONMED
 Corporation <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">110,838</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Commercial
 Services - 2.0%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Del
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">168,279</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">429,111</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">First
 Consulting Group <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">274,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,678,417</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Exactech
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,101,058</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ICON
 ADR <sup><a href="#page28_a">a</a>,<a href="#page28_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,920</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Medical
 Action Industries <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,152,450</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PAREXEL International <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,464,420</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Molecular
 Devices <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">512,550</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TriZetto
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">192,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,824,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NMT
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">202,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">999,900</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">OrthoLogic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">125,000</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,997,757</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Orthofix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,105,412</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PLC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">83,108</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Drugs and
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Schick Technologies <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">393,750</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>AXM Pharma <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">107,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">356,310</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Synovis Life Technologies <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">270,250</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Able Laboratories <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Utah
 Medical Products</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">950,481</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Arena
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">63,555</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Young
 Innovations</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61,450</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,072,708</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">BioSource
 International <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">187,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,296,510</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CancerVax
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">162,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,580,481</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Cell Genesys <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cerus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Personal Care
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Durect
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">144,648</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CCA
 Industries</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,140</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">630,802</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DUSA
 Pharmaceuticals <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,820</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Helen
 of Troy <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">672,200</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Emisphere
 Technologies <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">169,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">687,285</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Inter
 Parfums</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">643,950</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gene
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">224,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">827,632</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lifeline
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">538,384</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Geron
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,820</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nature&#146;s Sunshine Products</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">488,640</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Hi-Tech Pharmacal <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">761,572</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nutraceutical
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">308,200</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Hollis-Eden Pharmaceuticals <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,360</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Life Sciences Research <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">339,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,282,176</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Matrixx Initiatives <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">266,570</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Maxim
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,724</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,645,153</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Maxygen
 <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">63,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Momenta Pharmaceuticals <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Myriad
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">596,515</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Automotive
 - 0.8%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nabi
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,250</font></td>
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<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Commerical Vehicle Group <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">392,940</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Orchid BioSciences <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">575,000</font></td>
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<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>LKQ Corporation <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">642,240</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Regeneration
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">178,160</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Spartan
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,404</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SFBC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">592,500</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Strattec
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">206,646</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sangamo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wescast
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,900</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">964,593</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Theragenics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,800</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">VIVUS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">160,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">712,890</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,239,823</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,353,171</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Building Systems
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aaon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">763,325</font></td>

</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">92,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,872,400</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ATC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">LSI
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">67,812</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">776,447</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Albany Molecular Research <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">557,000</font></td>
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<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Modtech Holdings <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">74,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">587,889</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Bio-Imaging Technologies <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">437,304</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Covalent
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">63,750</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,000,061</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gentiva
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">217,360</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MIM
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">63,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">400,685</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Construction
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MedCath
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">443,520</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ash
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,144,000</font></td>

</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Monarch
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,410</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">171,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,956,002</font></td>

</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bel
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Plug Power <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,370</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,371</font></td>

</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>24&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>

<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_25"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>&#160;</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%"  valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="7%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>

<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Industrial
 Services &#150; 13.5%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003D77">Industrial
 Components (continued)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Advertising
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Powell
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">930,047</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>MDC Partners Cl. A <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">111,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,204,164</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Scientific
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">45,154</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NetRatings
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">958,500</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tech/Ops
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">480,822</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">II-VI</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">424,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,162,664</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Woodhead
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">160,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Commercial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,590,774</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Administaff
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">126,100</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">American
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">267,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">841,680</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Machinery
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bennett
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,777</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Astec
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">691,842</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">390,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,823,600</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cascade
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">415,480</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Collectors Universe <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,195</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Danka Business Systems ADR <sup><a href="#page28_a">a</a>,<a href="#page28_b">b</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">189,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CorVel
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">769,925</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hardinge</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">77,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,039,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Edgewater
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,339</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">89,861</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hurco
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">265,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Exponent
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,877,567</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Keithley
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">275,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Geo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,360,896</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lindsay
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">258,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">iGATE
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">235,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">952,155</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MTS
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">338,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kforce
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">610,500</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mueller
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,650</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">410,961</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NCO
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">517,000</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Pason Systems</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,909,816</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">New
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">132,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">740,520</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Pegasus Solutions <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">752,220</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,795,549</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pemstar
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">197,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">358,199</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">RemedyTemp
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">83,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">852,800</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Metal Fabrication
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>SM&#038;A <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,328</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Aleris International <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,270</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">799,808</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TRC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">493,000</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Encore
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">199,950</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Volt
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,600</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,075,674</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Haynes International <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">150,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Westaff
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">362,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,366,263</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Metals
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">70,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,298,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NN</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">148,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,959,043</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,713,260</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Penn
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">56,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,024,460</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Penn
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">462,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Engineering
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Universal
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">114,360</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Comfort
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">422,400</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Devcon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">323,547</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,008,121</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Insituform
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,820,401</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Keith
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">173,900</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Paper and
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Skyline
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,309,680</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mod-Pac
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">296,032</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>

<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,049,928</font></td>


</tr>

<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003D77">Pumps,
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gorman-Rupp
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">77,625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Sun Hydraulics</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">145,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,324,434</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Food and Tobacco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ML
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">120,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">670,716</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,402,059</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Seneca Foods Cl. A <sup><a href="#page28_a">a</a></sup></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,125,000</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Seneca Foods Cl. B <sup><a href="#page28_a">a</a></sup></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">775,668</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Specialty
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Star Scientific <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">297,473</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Aceto</b></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">178,446</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,397,612</font></td>
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<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Sunopta <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">430,800</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">American
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">306,360</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Balchem
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">346,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,299,657</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CFC
 International <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">134,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,102,688</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hawkins</font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,667</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,452,377</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Industrial
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NuCo2
 <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">443,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Central
 Steel &#038; Wire</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">630,000</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Park
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">216,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Elamex
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">70,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">162,162</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Titanium Metals <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">506,940</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lawson
 Products</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">983,385</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Strategic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,690</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">796,862</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,773,477</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,572,409</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Textiles -
 0.1%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fab
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">56,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">221,088</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>


<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Printing -
 1.0%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>


<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
 Industrial Products - 1.4%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bowne
 &#038; Co.</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,081,290</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Color Kinetics <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">879,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Courier
 Corporation</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">794,376</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Eastern
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">530,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ennis</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">186,725</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Maxwell
 Technologies <sup><a href="#page28_a">a</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,142</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Schawk</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">736,290</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Myers
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32,276</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">413,133</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Peerless
 Manufacturing <sup><a href="#page28_a">a</a></sup></font></p></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">611,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,798,681</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quixote
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">701,385</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Raven
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">852,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Transportation
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">AirNet
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">196,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">684,040</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,142,960</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Forward
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,957,860</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Frozen
 Food Express Industries <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">141,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,818,900</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
</b></font><font face="Sans-Serif" size="2"> (Cost $25,577,014)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,425,946</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;25</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>

<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_26"></a>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Schedule of Investments</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="7%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Industrial
 Services (continued)</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Other Natural
 Resources - 1.3%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Transportation
 and Logistics (continued)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
PICO Holdings <sup><a href="#page28_a">a</a></sup></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">145,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,013,727</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hub
 Group Cl. A <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">339,430</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pope
 Resources L.P.</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">825,000</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Knight
 Transportation<sup><a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,487</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">855,278</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MAIR
 Holdings <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,120</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,838,727</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Marten
 Transport <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">90,920</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Patriot
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,277,688</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
</b></font><font face="Sans-Serif" size="2"> (Cost $14,971,456)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,794,448</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Vitran
 Corporation Cl. A <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">94,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Technology
 &#150; 26.5%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,197,286</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Aerospace
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Astronics
 Corporation <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">134,112</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Other Industrial
 Services - 0.5%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CPI
 Aerostructures <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">583,950</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Landauer</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">973,410</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ducommun
 <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">84,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,761,825</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Team
 <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">365,425</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">HEICO
 Corporation</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">939,744</font></td>

</tr>

<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">HEICO
 Corporation Cl. A</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">71,926</font></td>



</tr>

<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,338,835</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Herley
 Industries <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,647,540</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Integral
 Systems</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,137,825</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Total
</b></font><font face="Sans-Serif" size="2"> (Cost $22,594,469)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,132,720</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SIFCO
 Industries <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">45,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">262,892</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>Natural
 Resources &#150; 10.9%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,539,814</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003D77">Energy
 Services - 4.3%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Carbo
 Ceramics</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">862,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Conrad
 Industries <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">154,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">357,434</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Components
 and Systems - 7.0%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dril-Quip
 <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,613,290</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Advanced
 Photonix Cl. A <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">267,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">487,578</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Gulf Island Fabrication</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,298,885</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>AlphaSmart <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,774</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">GulfMark
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">70,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,563,354</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Belden
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">348,000</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Input/Output
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">168,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,489,540</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bonso
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,546</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lufkin
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,436,688</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CSP
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,581</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,273,494</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NATCO
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">663,520</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Celestica <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,875</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">365,096</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Trican
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">276,369</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Dot Hill Systems <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">69,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">540,960</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Valley
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">541,800</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Excel Technology <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">97,900</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,545,400</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Veritas
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">844,857</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Fargo Electronics <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">526,114</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Willbros
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,542,045</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Giga-tronics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,944</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">InFocus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,600</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,490,282</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>International DisplayWorks <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">393,450</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kronos
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">17,375</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">888,384</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Oil and Gas
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b><sup><a href="#page28_dagger">&#134;</a></sup>Lowrance Electronics</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,866,409</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Bonavista Energy Trust</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">132,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,973,319</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mobility
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,580</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Contango
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">217,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MOCON</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">221,231</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Delta Petroleum <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">360,640</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Neoware
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,203</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Gulfport Energy <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">362,176</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,195,181</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">OSI
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">567,750</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nuvista
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,066,079</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Performance
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">56,050</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">521,265</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Petrohawk Energy <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">158,360</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Plexus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">279,715</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Pioneer Drilling Company <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">84,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">855,632</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Printronix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">447,750</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Plains
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Radiant
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">417,942</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Production
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,140</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">627,640</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">REMEC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">231,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,669,115</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Toreador
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">300</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,657</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Richardson
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">202,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,144,281</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>SafeNet <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,781</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">432,834</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,460,708</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TTM
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">100,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,180,000</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TransAct
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">78,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,678,896</font></td>

</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Zomax
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">82,200</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Apex
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,307,398</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Brush
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">286,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,222,511</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Etruscan Resources <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">575,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">885,558</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Gammon Lake Resources <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">149,520</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77">Distribution
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MK
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">513,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,053,290</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Agilysys</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">90,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,542,600</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>Metallica Resources <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">170,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">210,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bell
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">279,382</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Northern
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">164,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">478,695</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jaco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,400</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">125,600</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nu
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">319,200</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,372,011</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page28_dagger">&#134;</a></sup>PC Mall <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">447,600</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pomeroy
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,900</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">104,949</font></td>

</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">69,352</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,467,600</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,819,331</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kennedy-Wilson
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,120</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,632,720</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>26&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
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<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
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<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
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<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;</font></td>
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<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
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<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%"  valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
<td width="7%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="32%" valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>Technology
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pegasystems
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">211,600</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,804,948</font></td>

</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PLATO
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,142</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Digitas
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">98,840</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,400</font></td>
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<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Synplicity <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">177,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">538,204</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Verity
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">95,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">LookSmart
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NIC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">136,144</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,848,521</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">RealNetworks
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">434,934</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,857</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">265,792</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,200</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">335,808</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Anaren
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">94,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>

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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">330,275</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,891,304</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">C-COR.net
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,500</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">88,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">454,080</font></td>

</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Centillium
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,000</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Bulldog Technologies <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,500</font></td>
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<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a><b>Communications Systems</b></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">214,600</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">182,662</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,760,862</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Computer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,400</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Computer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">381,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,134,160</font></td>
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<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Comtech Telecommunications <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,220</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">227,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,480,750</font></td>
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<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>KVH Industries <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,000</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DiamondCluster
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">158,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,265,573</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MetaSolv
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,800</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,370</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Forrester
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,500</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,892,670</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Netopia
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">93,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">293,880</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Infocrossing <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">338,600</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">North
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,700</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">388,261</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Rainmaker Systems <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,400</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Optical
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">45,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">112,500</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">500,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,955,000</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PC-Tel
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">48,100</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">381,433</font></td>

</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54,300</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">952,422</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Radyne
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">96,400</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">720,108</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tier
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,900</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SpectraLink
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">808,260</font></td>

</tr>
<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ViaSat
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">94,200</font></td>
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</tr>
<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,897,837</font></td>
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<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Yak Communications <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">115,700</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">893,204</font></td>

</tr>
<tr>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77">Semiconductors
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,786,409</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">August
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">605,475</font></td>
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<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
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</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Camtek <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,840</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>Total
</b></font><font face="Sans-Serif" size="2"> (Cost $45,412,470)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">77,046,405</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ESS
 Technology <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">177,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Electroglas
 <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">281,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,338,075</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>Miscellaneous
 &#150; 5.0%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Exar
 Corporation <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">972,015</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>Total
</b></font><font face="Sans-Serif" size="2">(Cost $10,937,621)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,383,828</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Helix
 Technology</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,205</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Inficon
 Holding ADR<sup><a href="#page28_a">a</a>,<a href="#page28_b">b</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>TOTAL COMMON
 STOCKS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Integrated Silicon Solution <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">492,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $176,003,082)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">296,738,542</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Intevac
 <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">306,558</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>Monolithic System Technology <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,150</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>PREFERRED
 STOCKS &#150; 0.5%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PDF
 Solutions <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">483,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Angelo
 and Maxie&#146;s 10.00% Conv.</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,991</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,289</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page28_dagger"><sup>&#134;</sup></a>PLX Technology <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">156,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Seneca Foods Conv. <sup><a href="#page28_a">a</a></sup></b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,409</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,368,673</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Photronics
 <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">490,875</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">QuickLogic
 Corporation <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">56,820</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>TOTAL PREFERRED
 STOCKS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Semitool
 <sup><a href="#page28_a">a</a>,<a href="#page28_c">c</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">236,640</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $957,998)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,384,962</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">White
 Electronic Designs <sup><a href="#page28_a">a</a></sup></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">363,975</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>REPURCHASE
 AGREEMENT &#150; 16.9%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,040,678</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">State
 Street Bank &#038; Trust Company, 1.80%</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>

<td align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">dated 12/31/04, due 1/3/05, maturity</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77">Software -
 3.7%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">value $49,166,374 (collateralized by Federal</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aladdin
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,300</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">675,675</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ANSYS
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,800</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">987,448</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Applix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">102,000</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,159,000</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">430,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,069</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">125,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">255,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">324,135</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,500</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">810,390</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,142</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">132,969</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;27</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>


<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_28"></a>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
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<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Schedule of Investments</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="50%">
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
<b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>COLLATERAL
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">U.S. Treasury
 Bonds</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">6.00%-8.75%
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,007</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Money Market
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">State
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Prime
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,064,689</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $34,070,696)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,070,696</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>TOTAL INVESTMENTS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $260,190,776)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">381,353,200</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>LIABILITES
 LESS CASH</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
AND OTHER ASSETS &#150; (10.7)%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(30,989,562</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>PREFERRED
 STOCK &#150; (20.6)%</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(60,000,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>NET ASSETS
 APPLICABLE TO</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
COMMON STOCKHOLDERS &#150; 100.0%</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>290,363,638
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page28_a"></a><sup>a</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Non-income
 producing.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page28_b"></a><sup>b</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">American Depository
 Receipt.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page28_c"></a><sup>c</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><font face="Sans-Serif" size="2">A portion
 of these securities were on loan at December 31, 2004. Total market value of loaned
 securities at December 31, 2004 was $32,907,834.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"><a name="page28_d"></a><sup>d</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3" valign="bottom" align="left"><font face="Sans-Serif" size="2">A security
 for which market quotations are no longer readily available represents 0% of net
 assets. This security has been valued at its fair value under procedures
 established by the Fund&#146;s Board of Directors.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"><a name="page28_dagger"></a><sup>&#134;</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">New additions
 in 2004.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Bold indicates
 the Fund&#146;s largest 20 equity holdings in terms of December 31, 2004 market
 value.</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5" align="left"><font face="Sans-Serif" size="2">
<b>INCOME TAX INFORMATION:</b> The cost of total investments for Federal income tax
 purposes was $262,274,289. At December 31, 2004, net unrealized appreciation for
 all securities was $119,078,911, consisting of aggregate gross unrealized appreciation
 of $122,516,330 and aggregate gross unrealized depreciation of $3,437,419. The primary
 differences in book and tax basis cost is the timing of the recognition of losses
 on securities sold and amortization of discount for book and tax purposes.</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
</table>
<br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>28&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>

<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_29"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Statement of Assets and Liabilities</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>ASSETS:
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Investments
 at value (including collateral on loaned securities)<a href="#page29_onestar">*</a></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">332,194,200</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Repurchase
 agreement (at cost and value)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49,159,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Cash</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">319,166</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Receivable
 for investments sold</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,244,480</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Receivable
 for dividends and interest</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">176,814</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 Assets</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">386,093,660</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>LIABILITIES:
</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Payable for
 collateral on loaned securities</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,070,696</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Payable for
 investments purchased</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,119,915</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Payable for
 investment advisory fee</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">336,603</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Preferred
 dividends accrued but not yet declared</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">80,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Accrued expenses</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,808</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 Liabilities</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,730,022</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>PREFERRED
 STOCK:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">6.00%
 Cumulative Preferred Stock &#150; $0.001 par value, $25 liquidation value per share;
 2,400,000 shares outstanding</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 Preferred Stock</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">290,363,638</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>ANALYSIS
 OF NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Common Stock
 paid-in capital &#150; $0.001 par value per share; 20,243,386 shares outstanding
 (150,000,000 shares authorized)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">162,091,331</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Accumulated
 net realized gain (loss) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,189,883</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net unrealized
 appreciation (depreciation) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,162,424</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Preferred
 dividends accrued but not yet declared</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(80,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 Assets applicable to Common Stockholders (net asset value per share &#150; $14.34)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">290,363,638</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page29_onestar"></a>*Investments
 at identified cost (including $34,070,696 of collateral on loaned securities)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">211,031,776</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;29</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>

<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_30"></a>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>YEAR ENDED DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Statement of Operations</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>INVESTMENT
 INCOME:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Income:</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dividends</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">2,314,568</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Interest</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">421,694</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Securities
 lending</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,320</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="5"><div style="margin-top:-6px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total income</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,812,582</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Expenses:</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Investment
 advisory fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,803,971</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Custody
 and transfer agent fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">157,777</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stockholder
 reports</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">126,464</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Directors&#146; fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">58,148</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Professional
 fees</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,881</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Administrative
 and office facilities expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,740</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Other
 expenses</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,683</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="5"><div style="margin-top:-6px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total expenses</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,298,664</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-top:0px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net investment
 income (loss)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1,486,082</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>REALIZED
 AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net realized
 gain (loss) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,396,860</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net change
 in unrealized appreciation (depreciation) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,164,677</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="5"><div style="margin-top:-6px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net realized
 and unrealized gain (loss) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,561,537</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-top:0px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>NET INCREASE
 (DECREASE) IN NET ASSETS RESULTING FROM INVESTMENT OPERATIONS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,075,455</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-top:0px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(3,600,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-top:0px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>NET INCREASE
 (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003D77"><b>
RESULTING FROM INVESTMENT OPERATIONS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,475,455</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>30&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>

<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_31"></a>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Statement of Changes in Net Assets</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>


<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-top:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
<b>Year Ended</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
<b>Year Ended</b></font></td>
</tr>
<tr bgcolor="#DADFED">
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
<b>12/31/04</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2">
<b>12/31/03</b></font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>INVESTMENT
 OPERATIONS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net investment
 income (loss)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">(1,486,082</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">(1,643,163</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net realized
 gain (loss) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,396,860</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,865,842</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net change
 in unrealized appreciation (depreciation) on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,164,677</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">67,143,086</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="9"><div style="margin-top:-6px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net increase
 (decrease) in net assets resulting from investment operations</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,075,455</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">96,365,765</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net realized
 gain on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(3,600,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(3,236,104</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Quarterly
 distributions accrued but not yet declared</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(11,111</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-top:-6px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total distributions
 to Preferred Stockholders</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(3,600,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(3,247,215</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-top:0px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>NET INCREASE
 (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
RESULTING FROM INVESTMENT OPERATIONS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,475,455</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">93,118,550</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>DISTRIBUTIONS
 TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net realized
 gain on investments</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(25,919,005</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(16,874,985</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-top:-6px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total distributions
 to Common Stockholders</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(25,919,005</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(16,874,985</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>CAPITAL
 STOCK TRANSACTIONS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Offering costs
 from issuance of Preferred Stock</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(2,097,350</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Reinvestment
 of distributions to Common Stockholders</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,382,136</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,707,658</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="top" colspan="9"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total capital
 stock transactions</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,382,136</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,610,308</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-top:0px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>NET INCREASE
 (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,938,586</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">85,853,873</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003d77"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Beginning
 of year</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">253,425,052</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">167,571,179</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-top:-6px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">End of year
 (including undistributed net investment income of $3,449,948 in 2003)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">290,363,638</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">253,425,052</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;31</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>


<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_32"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Financial Highlights</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>

<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" valign="bottom"><font face="Sans-Serif" size="2">This table is presented to show selected data for a
share of Common Stock outstanding throughout each period, and to assist stockholders in evaluating the
Fund&#146;s performance for the periods presented.
</font></td></tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="20" align="center"><font face="Sans-Serif" size="2" color="#003D77"><b>Years ended December 31,</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="20"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#003D77"><b>2004</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#003D77"><b>2003</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#003D77"><b>2002</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#003D77"><b>2001</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2" color="#003D77"><b>2000</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>NET ASSET
 VALUE, BEGINNING OF PERIOD</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$13.33</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$9.39</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$11.83</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$10.14</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$11.00</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>INVESTMENT
 OPERATIONS:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
 investment income (loss)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.09</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.13</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.05</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.09</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.62</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.28</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.23</font></td>
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<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.54</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.19</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.42</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.52</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.32</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.19</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.19</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.22</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.19</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.18</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.19</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-top:0px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.01</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.60</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.33</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.09</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>DISTRIBUTIONS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.09</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Net
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.33</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.92</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.80</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.57</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.63</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.33</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.92</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.80</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.57</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.72</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>CAPITAL
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.11</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Effect
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.07</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.15</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.04</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.07</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
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<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-top:0px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>NET ASSET
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$14.34</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$13.33</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$9.39</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$11.83</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$10.14</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-top:0px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>MARKET
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$15.24</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$12.60</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$8.44</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$10.50</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$8.625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#DADFED">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>TOTAL RETURN
 <a href="#page32_a">(a)</a>:</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Market Value</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33.4</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">63.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12.7</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28.8</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15.3</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net Asset
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18.7</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55.6</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(13.8</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">23.4</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10.9</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>RATIOS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total expenses
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.62</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.82</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.96</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.32</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.43</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.59</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.59</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.57</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.08</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.19</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.23</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.37</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.21</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.24</font></td>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.56</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.82</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.23</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.43</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>SUPPLEMENTAL
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net Assets
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$290,364</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$253,425</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$167,571</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$200,443</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$163,820</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Liquidation
 Value of Preferred Stock,</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">End
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$60,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$40,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Portfolio
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">32</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>PREFERRED
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total shares
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,400,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,600,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Asset coverage
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$145.98</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$130.59</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$129.73</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$150.28</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$127.39</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Liquidation
 preference per share</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Average market
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">6.00%
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$24.66</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.70</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.91</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$25.30</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$23.08</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="21"><div style="margin-top:0px"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="top" align="left"><font face="Sans-Serif" size="2"><a name="page32_a"></a>(a)</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">The Market
 Value Total Return is calculated assuming a purchase of Common Stock on the opening
 of the first business day and a sale on the closing of the last business day of
 each period reported. Dividends and distributions, if any, are assumed for the purposes
 of this calculation, to be reinvested at prices obtained under the Fund&#146;s Distribution
 Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated
 on the same basis, except that the Fund&#146;s net asset value is used on the purchase
 and sale dates instead of market value.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"><a name="page32_b"></a>(b)</font></td>
<td valign="top" align="left"><font face="Sans-Serif" size="2">Expense ratios
 based on total average net assets including liquidation value of Preferred Stock
 were 1.32%, 1.49%, 1.62%, 1.46% and 1.06% for the periods ended December 31, 2004,
 2003, 2002, 2001 and 2000, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"><a name="page32_c"></a>(c)</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Expense ratios
 based on average net assets applicable to Common Stockholders before waiver of fees
 by the investment adviser would have been 1.92%, 2.04% and 1.81% for the periods
 ended December 31, 2003, 2002 and 2001, respectively.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page32_d"></a>(d)</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">The average
 of month-end market values during the period that the preferred stock was outstanding.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>32&#160;&#160;|&#160;&#160;THE ROYCE FUNDS ANNUAL REPORT 2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><b>&#160;</b></font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_33"></a>
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<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
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<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
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<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Notes to Financial Statements</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="48%" valign="top"><p align="justify"><font face="Sans-Serif" size="2" color="#003D77"><b>Summary
 of Significant Accounting Policies:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">Royce Micro-Cap Trust, Inc. (&#147;the Fund&#148;) was incorporated under the laws of the State of Maryland on September 9,
 1993 as a diversified closed-end investment company. The Fund commenced operations
 on December 14, 1993.<br>&#160;&#160;&#160;&#160;&#160;The preparation of financial statements in conformity with
 accounting principles generally accepted in the United States of America requires
 management to make estimates and assumptions that affect the reported amounts of
 assets and liabilities and the disclosure of contingent assets and liabilities at
 the date of the financial statements, and the reported amounts of income and expenses
 during the reporting period. Actual results could differ from those estimates.</font>
<br><br><font face="Sans-Serif" size="2" color="#003D77"><b>Valuation of Investments:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">Securities are valued as of the close of trading
 on the New York Stock Exchange (generally 4:00 p.m. Eastern time) on the valuation
 date. Securities that trade on an exchange or Nasdaq are valued at their last reported
 sales price taken from the primary market in which each security trades or, if no
 sale is reported for such day, at their bid price. Other over-the-counter securities
 for which market quotations are readily available are valued at their bid price.
 Securities for which market quotations are not readily available are valued at their
 fair value under procedures established by the Fund&#146;s Board of Directors. Bonds
 and other fixed income securities may be valued by reference to other securities
 with comparable ratings, interest rates and maturities, using established independent
 pricing services.</font>
<br><br><font face="Sans-Serif" size="2" color="#003D77"><b>Investment Transactions and Related Investment Income:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">
Investment transactions are accounted for on the trade date. Dividend income
 is recorded on the ex-dividend date and any non-cash dividend income is recorded
 at the fair market value of the securities received. Interest income is recorded
 on an accrual basis. Realized gains and losses from investment transactions are
 determined on the basis of identified cost for book and tax purposes.</font>
<br><br><font face="Sans-Serif" size="2" color="#003D77"><b>
Expenses:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">The Fund incurs direct and indirect expenses. Expenses directly attributable
 to the Fund are charged to the Fund&#146;s operations, while expenses applicable
 to more than one of the Royce Funds are allocated in an equitable manner. Allocated
 personnel and occupancy costs related to The Royce Funds are included in administrative
 and office facilities expenses. The Fund has adopted a deferred fee agreement that
 allows the Fund&#146;s Directors to defer the receipt of all or a portion of Directors&#146; Fees otherwise payable. The deferred fees are invested in certain Royce Funds
 until distributed in accordance with the agreement.</font>
<br><br><font face="Sans-Serif" size="2" color="#003D77"><b>Taxes:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">As a qualified
 regulated investment company under Subchapter M of the Internal Revenue Code, the
 Fund is not subject to income taxes to the extent that it distributes substantially
 all of its taxable income for its</font></p></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="48%" valign="top" align="left"><p align="justify"><font face="Sans-Serif" size="2">fiscal year.
 The Schedule of Investments includes information regarding income taxes under the
 caption &#147;Income Tax Information&#148;. </font>
<br><br><font face="Sans-Serif" size="2" color="#003D77"><b>Distributions:</b></font>
<br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">The Fund
 currently has a policy of paying quarterly distributions on the Fund&#146;s Common
 Stock. Distributions are currently being made at the annual rate of 9% of the rolling
 average of the prior four calendar quarter-end NAVs of the Fund&#146;s Common Stock,
 with the fourth quarter distribution being the greater of 2.25% of the rolling average
 or the distribution required by IRS regulations. Distributions to Preferred Stockholders
 are recorded on an accrual basis and paid quarterly. The Fund is required to allocate
 long-term capital gain distributions and other types of income proportionately to
 distributions made to holders of shares of Common Stock and Preferred Stock. To
 the extent that distributions are not paid from long-term capital gains, net investment
 income or net short-term capital gains, they will represent a return of capital.
 Distributions are determined in accordance with income tax regulations that may
 differ from accounting principles generally accepted in the United States of America.
 Permanent book and tax basis differences relating to stockholder distributions will
 result in reclassifications within the capital accounts. Undistributed net investment
 income may include temporary book and tax basis differences, which will reverse
 in a subsequent period. Any taxable income or gain remaining undistributed at fiscal
 year end is distributed in the following year.</font>
<br><br><font face="Sans-Serif" size="2" color="#003D77"><b>Repurchase Agreements:</b>
</font><br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">
The Fund entered into repurchase agreements with respect to its portfolio securities
 solely with State Street Bank and Trust Company (&#147;SSB&#038;T&#148;), the custodian
 of its assets. The Fund restricts repurchase agreements to maturities of no more
 than seven days. Securities pledged as collateral for repurchase agreements, which
 are held by SSB&#038;T until maturity of the repurchase agreements, are marked-to-market
 daily and maintained at a value at least equal to the principal amount of the repurchase
 agreement (including accrued interest). Repurchase agreements could involve certain
 risks in the event of default or insolvency of SSB&#038;T, including possible delays
 or restrictions upon the ability of the Fund to dispose of the underlying securities.</font>
<br><br><font face="Sans-Serif" size="2" color="#003D77"><b>Securities Lending:</b>
</font><br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">The Fund loans securities to qualified institutional
 investors for the purpose of realizing additional income. Collateral on all securities
 loaned for the Fund is accepted in cash and is invested temporarily by the custodian.
 The collateral is equal to at least 100% of the current market value of the loaned
 securities.</font>
<br><br><font face="Sans-Serif" size="2" color="#003D77"><b>Capital Stock:</b>
</font><br>&#160;&#160;&#160;&#160;&#160;<font face="Sans-Serif" size="2">The Fund issued 1,228,046 and 1,173,282
 shares of Common Stock as reinvestment of distributions by Common Stockholders for
 the years ended December 31, 2004 and 2003, respectively.<br>&#160;&#160;&#160;&#160;&#160;On October 20, 2003, the
 Fund redeemed all (1,600,000 shares) of its then outstanding 7.75% Cumulative Preferred
 Stock at the redemption</font></p></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="2"><b>&#160;</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE ROYCE FUNDS ANNUAL REPORT 2004&#160;&#160;|&#160;&#160;33</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_34"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77">
<br>&#160;&#160;&#160;&#160;&#160;<b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77">
<br>&#160;&#160;&#160;&#160;&#160;<b>&#160;</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-top:-6px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Notes to Financial Statements (continued)</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="48%" valign="top" align="left"><p align="justify"><font face="Sans-Serif" size="2">price of $25.00
 per share, plus accumulated and unpaid dividends through the redemption date of
 $0.15069 per share. On October 16, 2003, the Fund received net proceeds of $58,110,000
 (after underwriting discounts of $1,890,000 and before estimated offering expenses
 of $207,350) from the public offering of 2,400,000 shares of 6.00% Cumulative Preferred
 Stock. Commencing October 16, 2008 and thereafter, the Fund, at its option, may
 redeem the 6.00% Cumulative Preferred Stock, in whole or in part, at the redemption
 price.
<br>&#160;&#160;&#160;&#160;&#160;At December 31, 2004, 2,400,000 shares of 6.00% Cumulative Preferred
 Stock were outstanding. The Fund&#146;s Cumulative Preferred Stock is classified
 outside of permanent equity (net assets applicable to Common Stockholders) in the
 accompanying financial statements in accordance with Emerging Issues Task Force
 (EITF) Topic D-98, Classification and Measurement of Redeemable Securities, that
 requires preferred securities that are redeemable for cash or other assets to be
 classified outside of permanent equity to the extent that the redemption is at a
 fixed or determinable price and at the option of the holder or upon the occurrence
 of an event that is not solely within the control of the issuer.
<br>&#160;&#160;&#160;&#160;&#160;The Fund is
 required to meet certain asset coverage tests with respect to the Cumulative Preferred
 Stock as required by the 1940 Act. In addition, pursuant to the Rating Agency Guidelines
 established by Moody&#146;s, the Fund is required to maintain a certain discounted
 asset coverage. If the Fund fails to meet these requirements and does not correct
 such failure, the Fund may be required to redeem, in part or in full, the Cumulative
 Preferred Stock at a redemption price of $25.00 per share, plus an amount equal
 to the accumulated and unpaid dividends, whether or not declared on such shares,
 in order to meet these requirements. Additionally, failure to meet the foregoing
 asset coverage requirements could restrict the Fund&#146;s ability to pay dividends
 to Common Shareholders and could lead to sales of portfolio securities at inopportune
 times. The Fund has met these requirements since issuing the Preferred Stock.</font></p>
</td>
<td width="4%" >&#160;</td>
<td width="48%" valign="bottom" align="left"><p align="justify"><font face="Sans-Serif" size="2"><b>Investment
 Advisory Agreement:</b>
<br>&#160;&#160;&#160;&#160;&#160;As compensation for its services under the Investment
 Advisory Agreement, Royce &#038; Associates, LLC (&#147;Royce&#148;) receives a
 fee comprised of a Basic Fee (&#147;Basic Fee&#148;) and an adjustment to the Basic
 Fee based on the investment performance of the Fund in relation to the investment
 record of the Russell 2000.
<br>&#160;&#160;&#160;&#160;&#160;The Basic Fee is a monthly fee equal to 1/12 of
 1% (1% on an annualized basis) of the average of the Fund&#146;s month-end net assets
 applicable to Common Stockholders, plus the liquidation value of Preferred Stock,
 for the rolling 36-month period ending with such month (the &#147;performance period&#148;). The Basic Fee for each month is increased or decreased at the rate of 1/12
 of .05% for each percentage point that the investment performance of the Fund exceeds,
 or is exceeded by, the percentage change in the investment record of the Russell
 2000 for the performance period by more than two percentage points. The performance
 period for each such month is a rolling 36-month period ending with such month.
 The maximum increase or decrease in the Basic Fee for any month may not exceed 1/12
 of .5%. Accordingly, for each month, the maximum monthly fee rate as adjusted for
 performance is 1/12 of 1.5% and is payable if the investment performance of the
 Fund exceeds the percentage change in the investment record of the Russell 2000
 by 12 or more percentage points for the performance period, and the minimum monthly
 fee rate as adjusted for performance is 1/12 of .5% and is payable if the percentage
 change in the investment record of the Russell 2000 exceeds the investment performance
 of the Fund by 12 or more percentage points for the performance period.
<br>&#160;&#160;&#160;&#160;&#160;Royce
 has voluntarily committed to waive the portion of its investment advisory fee attributable
 to an issue of the Fund&#146;s Preferred Stock for any month in which the Fund&#146;s
 average annual NAV total return since issuance of the Preferred Stock fails to exceed
 the applicable Preferred Stock&#146;s dividend rate.
<br>&#160;&#160;&#160;&#160;&#160;For the year ended December
 31, 2004, the Fund accrued and paid Royce advisory fees totaling $3,803,971.</font></p>
</td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>34&#160;&#160;|&#160;&#160;THE ROYCE FUNDS ANNUAL REPORT 2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><b>&#160;</b></font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_35"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>


<p><font face="Sans-Serif" size="2" color="#003D77"><b>Distributions to Stockholders:</b></font><br>
<font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;The tax character
 of distributions paid to stockholders during 2004 and 2003 was as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="50%">
<tr>
<td valign="bottom" colspan="7"><hr size="2"  color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">
Distributions paid from:</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>2004</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>2003</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ordinary
 income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 3,410,255</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 3,217,774</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Long-term
 capital gain</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,108,750</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,893,315</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">29,519,005</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">20,111,089</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;As of December
 31, 2004, the tax basis components of distributable earnings included in stockholder&#146;s equity were as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="50%">
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Undistributed
 net investment income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="2">$ </font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">2,446,218</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Undistributed
 long-term capital gain</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,827,178</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Unrealized
 appreciation</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">119,078,911</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Accrued
 preferred distributions</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(80,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">128,272,307</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p align="justify"><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;For financial
 reporting purposes, capital accounts and distributions to shareholders are adjusted
 to reflect the tax character of permanent book / tax differences. For the year ended December
 31, 2004, the Fund recorded the following permanent reclassifications, which relate
 primarily to the current net operating losses. Results of operations and net
 assets were not affected by these reclassifications.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="50%">
<tr>
<td valign="bottom" colspan="7"><hr size="2"  color="#004585" noshade></td>
</tr>
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Undistributed</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Accumulated</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Net Investment</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Net Realized</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Paid-in</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Income</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Gain (Loss)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Capital</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td width="10%" align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="15%" valign="bottom" align="center"><font face="Sans-Serif" size="2">$(1,963,866)</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="15%" valign="bottom" align="center"><font face="Sans-Serif" size="2">$1,955,209</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="15%" valign="bottom" align="center"><font face="Sans-Serif" size="2">$8,657</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="2"  color="#004585" noshade></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2" color="#003D77"><b>Purchases and Sales of Investment Securities:
</b></font><br>
<font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;For the year ended December
 31, 2004, the cost of purchases and proceeds from sales of investment securities,
 other than short-term securities and collateral received for securities loaned,
 amounted to $89,157,225 and $108,571,028, respectively.</font></p>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="2"><b>&#160;</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE ROYCE FUNDS ANNUAL REPORT 2004&#160;&#160;|&#160;&#160;35</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_36"></a>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-top:0px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Report of Independent Registered Public Accounting Firm</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>

<p align="justify"><font face="Serif" size="2"><b>To the Board of Directors and Stockholders
 of Royce Micro-Cap Trust, Inc.</b></font></p>
<p align="justify">&#160;&#160;&#160;&#160;&#160;<font face="Serif" size="2">We have audited
 the accompanying statement of assets and liabilities of Royce Micro-Cap Trust, Inc.,
 including the schedule of investments, as of December 31, 2004, and the related
 statement of operations for the year then ended, and the statement of changes in
 net assets for the two years in the period then ended and the financial highlights
 for each of the five years in the period then ended. These financial statements
 and financial highlights are the responsibility of the Fund&#146;s management. Our
 responsibility is to express an opinion on these financial statements and financial
 highlights based on our audits.<br>&#160;&#160;&#160;&#160;&#160;We conducted our audit in accordance with the
 standards of the Public Company Accounting Oversight Board (U.S.). Those standards
 require that we plan and perform the audit to obtain reasonable assurance about
 whether the financial statements and financial highlights are free of material misstatement.
 An audit includes examining, on a test basis, evidence supporting the amounts and
 disclosures in the financial statements and financial highlights. Our procedures
 included confirmation of securities owned as of December 31, 2004, by correspondence
 with the custodian and brokers. An audit also includes assessing the accounting
 principles used and significant estimates made by management, as well as evaluating
 the overall financial statement presentation. We believe that our audit provides
 a reasonable basis for our opinion.<br>&#160;&#160;&#160;&#160;&#160;In our opinion, the financial
 statements and financial highlights referred to above and audited by us present
 fairly, in all material respects, the financial position of Royce Micro-Cap Trust,
 Inc. at December 31, 2004, the results of its operations for the year then ended,
 the changes in its net assets for each of the two years in the period then ended
 and the financial highlights for each of the five years in the period then ended,
 in conformity with accounting principles generally accepted in the United States
 of America.</font></p>
<p><font face="Serif" size="2">TAIT, WELLER, &#038; BAKER<br><br>Philadelphia,
 PA <br>January 21, 2005</font></p>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>36&#160;&#160;|&#160;&#160;THE ROYCE FUNDS ANNUAL REPORT 2004</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><b>&#160;</b></font></td>
</tr>
</table>


<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_37"></a>


<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE FOCUS TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Schedule of Investments</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>SHARES</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>VALUE</b></font></td>
<td width="4%"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>SHARES</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>VALUE</b></font></td></tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>COMMON STOCKS &#150; 99.3%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Machinery
 - 7.0%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td></tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Lincoln Electric Holdings</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">75,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,590,500</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Consumer
 Products &#150; 5.8%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup><b>Pason Systems</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,075,389</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Sports and
 Recreation - 2.4%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Woodward
 Governor Company</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24,400</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,747,284</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Winnebago Industries</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">65,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,538,900</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,413,173</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Other Consumer
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<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Matthews
 International Cl. A</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">42,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,564,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Metal Fabrication
 and Distribution - 8.7%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Yankee
 Candle Company <sup><a href="#page38_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,990,800</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup><b>IPSCO</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">80,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,824,000</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup>Metal Management</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">75,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,015,250</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,554,800</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup><b>Schnitzer Steel Industries Cl. A</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,393,000</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $3,224,509)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,093,700</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,232,250</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Consumer
 Services &#150; 5.4%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $12,153,818)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24,405,223</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Direct Marketing
 - 3.8%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Nu Skin Enterprises Cl. A</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">159,900</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,058,262</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Industrial
 Services &#150; 8.4%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Commercial
 Services - 3.6%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Retail Stores
 - 1.6%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Carlisle Holdings <sup><a href="#page38_b">b</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">300,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,172,000</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Big
 Lots <sup><a href="#page38_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">727,800</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">West
 Corporation <sup><a href="#page38_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,655,500</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup>Pier 1 Imports</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">985,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,827,500</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,712,800</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Engineering
 and Construction - 1.7%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $3,217,534)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,771,062</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Dycom
 Industries <sup><a href="#page38_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,831,200</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Financial
 Intermediaries &#150; 8.9%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Industrial
 Distribution - 1.3%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Insurance
 - 7.0%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Ritchie
 Bros. Auctioneers</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">40,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,322,400</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Alleghany Corporation <sup><a href="#page38_a">a</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">12,546</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,578,746</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">ProAssurance
 Corporation <sup><a href="#page38_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">47,155</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,844,232</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Transportation
 and Logistics - 1.8%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">White
 Mountains Insurance Group</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,938,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup>Nordic American Tanker Shipping</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,952,500</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,360,978</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $4,843,551)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,933,600</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Other Financial
 Intermediaries - 1.9%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Natural
 Resources &#150; 21.9%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">TSX
 Group</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">45,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,008,187</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Energy Services
 - 11.4%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Ensign Resource Service Group</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">150,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,128,169</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $4,090,283)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,369,165</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Input/Output <sup><a href="#page38_a">a</a>,<a href="#page38_b">b</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">325,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,873,000</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Tesco
 Corporation <sup><a href="#page38_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">150,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,635,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Financial
 Services &#150; 6.4%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><b><sup>
<a href="#page38_dagger">&#134;</a></sup>Trican Well Service <sup><a href="#page38_a">a</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">80,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,421,910</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Information
 and Processing - 3.4%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
eFunds Corporation <sup><a href="#page38_a">a</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">150,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,601,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">12,058,079</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Investment
 Management - 3.0%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Precious Metals
 and Mining - 10.5%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup>Gabelli Asset Management Cl. A</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">41,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,013,580</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Glamis Gold <sup><a href="#page38_a">a</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">160,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,745,600</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">U.S.
 Global Investors Cl. A <sup><a href="#page38_a">a</a>,<a href="#page38_b">b</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">295,605</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,211,981</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Goldcorp</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">200,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,008,000</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Hecla Mining Company <sup><a href="#page38_a">a</a>,<a href="#page38_b">b</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">500,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,915,000</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,225,561</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Meridian Gold <sup><a href="#page38_a">a</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">130,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,466,100</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $4,309,131)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,827,061</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">11,134,700</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Health
 &#150; 9.6%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $14,912,112)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">23,192,779</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Drugs and
 Biotech - 7.8%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Endo Pharmaceuticals Holdings <sup><a href="#page38_a">a</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">114,900</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,415,198</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Technology
 &#150; 9.8%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Lexicon Genetics <sup><a href="#page38_a">a</a></sup></b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">300,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,326,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Components
 and Systems - 2.9%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup>Myriad Genetics <sup><a href="#page38_a">a</a>,<a href="#page38_b">b</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">75,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,688,250</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup>Lowrance Electronics</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">56,100</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,767,094</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup>Orchid BioSciences <sup><a href="#page38_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">160,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,840,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Richardson
 Electronics</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,273,200</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,269,948</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,040,294</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Medical Products
 and Devices - 1.8%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">IT Services
 - 1.3%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Arrow
 International</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,859,400</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Syntel</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">80,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,403,200</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $7,253,935)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,129,348</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Semiconductors
 and Equipment - 1.8%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr color="#000000" noshade size="2"></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">CEVA
 <sup><a href="#page38_a">a</a>,<a href="#page38_b">b</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">89,600</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">815,987</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Industrial
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<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Exar
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<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">75,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,064,250</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Building Systems
 and Components - 4.0%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Simpson Manufacturing</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,188,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,880,237</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Construction
 Materials - 3.4%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2"><b>
Florida Rock Industries</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,571,800</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE ROYCE FUNDS ANNUAL REPORT 2004&#160;&#160;|&#160;&#160;37</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_38"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE FOCUS TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Schedule of Investments</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>SHARES
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>VALUE</b></font></td>
<td width="4%"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>VALUE
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Technology
 (continued)</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>REPURCHASE
 AGREEMENT &#150; 1.4%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77">Software -
 3.8%</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2">State Street
 Bank &#038; Trust Company</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="sans-serif" size="2"><sup>
<a href="#page38_dagger">&#134;</a></sup>ManTech International Cl. A<sup>a</sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">75,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,780,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">1.80%
 dated 12/31/04, due 1/3/05,</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">PLATO
 Learning <sup><a href="#page38_a">a</a>,<a href="#page38_b">b</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">35,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">260,750</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">maturity
 value $1,443,216</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Transaction
 Systems Architects Cl. A<sup>a</sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,100</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,986,985</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(collateralized
 by Federal National</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Mortgage
 Association, 3.875%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,028,235</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">due
 2/15/05, valued at $1,473,452)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $1,443,000)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,443,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>Total
</b></font><font face="sans-serif" size="2">(Cost $7,426,264)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,351,966</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>COLLATERAL
 RECEIVED FOR SECURITIES LOANED &#150;3.9%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>TOTAL COMMON
 STOCKS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2">Money Market
 Funds</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="sans-serif" size="2">(Cost $61,431,137)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">105,073,904</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">State
 Street Navigator Securities Lending</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Prime
 Portfolio</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>PRINCIPAL
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $4,105,436)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,105,436</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>AMOUNT
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>CORPORATE
 BONDS &#150; 1.4%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>TOTAL INVESTMENTS
 &#150; 127.3%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">E*TRADE
 Financial 6.00%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $89,558,371)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">134,766,100</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:30px; text-indent:-10px;">Conv.
 Sub. Note due 2/1/07</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2"> 1,500,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,531,875</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>LIABILITIES
 LESS CASH</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>TOTAL CORPORATE
 BONDS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><p style="margin-left:20px; text-indent:-10px;"><b>
AND OTHER ASSETS &#150; (3.7)%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(3,913,508</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $1,250,459)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,531,875</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>PREFERRED
 STOCK &#150; (23.6)%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(25,000,000</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>GOVERNMENT
 BONDS &#150; 11.6%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">(Principal
 Amount shown</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>NET ASSETS
 APPLICABLE TO</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">in local currency.)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>
<p style="margin-left:20px; text-indent:-10px;">COMMON STOCKHOLDERS &#150; 100.0%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2"><b>105,852,592
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Canadian
 Government Bond</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>

</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:30px; text-indent:-10px;">3.00%
 due 6/1/07</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,150,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,096,970</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">New
 Zealand Government Bond</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><p style="margin-left:30px; text-indent:-10px;">6.50%
 due 02/15/06</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,000,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,197,725</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>TOTAL GOVERNMENT
 BONDS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $10,869,061)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">12,294,695</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>U.S. TREASURY
 OBLIGATIONS &#150; 9.7%</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">U.S. Treasury
 Notes</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Treasury
 Inflation Index Protection</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Security
 2.0% due 7/15/14</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,000,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,317,190</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>TOTAL U.S.
 TREASURY OBLIGATIONS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $10,459,278)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10,317,190</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="12"><font face="sans-serif" size="1"><hr size="1" color="#003d77"></font></td></tr>
<tr>
<td ><font face="sans-serif" size="1"><a name="page38_a"></a><sup>a</sup></font></td>
<td ><font face="sans-serif" size="1">&#160;</font></td>
<td colspan="10"><font face="sans-serif" size="2">Non-income producing.</font></td></tr>
<tr>
<td ><font face="sans-serif" size="1"><a name="page38_b"></a><sup>b</sup></font></td>
<td ><font face="sans-serif" size="1">&#160;</font></td>
<td colspan="10"><font face="sans-serif" size="2">A portion of these securities were on loan at December 31, 2004. Total market value of loaned securities at December 31, 2004, was $4,007,576.</font></td></tr>
<tr>
<td ><font face="sans-serif" size="1"><a name="page38_dagger"></a><sup>&#134;</sup></font></td>
<td ><font face="sans-serif" size="1">&#160;</font></td>
<td colspan="10"><font face="sans-serif" size="2">New additions in 2004.</font></td></tr>
<tr>
<td ><font face="sans-serif" size="1">&#160;</font></td>
<td ><font face="sans-serif" size="1">&#160;</font></td>
<td colspan="10"><font face="sans-serif" size="2"><b>Bold indicates the Fund&#146;s largest 20 equity holdings in terms of December 31, 2004, market value.</b></font></td></tr>
<tr>
<td ><font face="sans-serif" size="1">&#160;</font></td>
<td ><font face="sans-serif" size="1">&#160;</font></td>
<td colspan="10"><font face="sans-serif" size="2">&#160;</font></td></tr>
<tr>
<td colspan="12" width="1%"><font face="sans-serif" size="2"><b>INCOME TAX INFORMATION:</b> The cost of total investments for Federal income tax purposes
was $89,863,427. At December 31, 2004, net unrealized appreciation for all securities was $44,902,673, consisting of aggregate gross
unrealized appreciation of $45,044,761 and aggregate gross unrealized
depreciation of $142,088. The primary differences in book and tax basis cost is the timing of the recognition of losses on securities sold and amortization of discount for book and tax purposes.</font></td></tr>
<tr>
<td colspan="12"><font face="sans-serif" size="2"><hr size="1" color="#003d77"></font></td></tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>38&#160;&#160;|&#160;&#160;THE ROYCE FUNDS ANNUAL REPORT 2004</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_39"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE FOCUS TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Statement of Assets and Liabilities</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>ASSETS:
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Investments
 at value (including collateral on loaned securities)*</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">133,323,100</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Repurchase
 agreement (at cost and value)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,443,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Receivable
 for dividends and interest</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">394,178</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="top" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#000000" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Total
 Assets</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">135,160,278</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="1" color="#000000" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>LIABILITIES:
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Payable for
 collateral on loaned securities</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,105,436</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Payable for
 investment advisory fee</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">109,129</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Preferred
 dividends accrued but not yet declared</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">33,333</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Accrued expenses</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">59,788</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#000000" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Total
 Liabilities</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,307,686</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="1" color="#000000" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>PREFERRED
 STOCK:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">6.00% Cumulative
 Preferred Stock &#150; $0.001 par value, $25 liquidation value per share; 1,000,000
 shares outstanding</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,000,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#000000" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Total
 Preferred Stock</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,000,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#000000" noshade></div></td>
</tr>
<tr>
<td bgcolor="#dadfed" valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td bgcolor="#dadfed"><font face="sans-serif" size="1">&#160;</font></td>
<td bgcolor="#dadfed" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td bgcolor="#dadfed" valign="bottom" align="right"><font face="sans-serif" size="2">105,852,592</font></td>
<td bgcolor="#dadfed"><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="2" color="#000000" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>ANALYSIS
 OF NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Common Stock
 paid-in capital &#150; $0.001 par value per share; 10,855,871 shares outstanding
 (100,000,000 shares authorized)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2"> 59,319,123</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Undistributed
 net investment income (loss)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(15,000</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Accumulated
 net realized gain (loss) on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,374,073</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net unrealized
 appreciation (depreciation) on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">45,207,729</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Preferred
 dividends accrued but not yet declared</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(33,333</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#000000" noshade></div></td>
</tr>
<tr  bgcolor="#dadfed">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Net
 Assets applicable to Common Stockholders (net asset value per share &#150; $9.75)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">105,852,592</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="2" color="#000000" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">*Investments
 at identified cost (including $4,105,436 of collateral on loaned securities)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2"> 88,115,371</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr >
<td valign="bottom" colspan="5"><hr size="1" color="#000000" noshade></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ROYCE FUNDS ANNUAL REPORT 2004&#160;&#160;|&#160;&#160;39</b></font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_40"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE FOCUS TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>YEAR ENDED DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Statement of Operations</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>

<table  border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>INVESTMENT INCOME:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Income:</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Interest</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,011,895</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Dividends</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">653,844</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Securities
 lending</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">6,304</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#003d77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2">Total income</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,672,043</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="1" color="#003d77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Expenses:</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Investment
 advisory fees</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,197,732</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Custody
 and transfer agent fees</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">84,136</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Stockholder
 reports</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">53,143</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Professional
 fees</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">29,543</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Directors&#146; fees</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">21,062</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Administrative
 and office facilities expenses</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">11,463</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Other
 expenses</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">49,389</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#003d77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2">Total expenses</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,446,468</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><hr size="1" color="#003d77" noshade></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net investment
 income (loss)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">225,575</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="1" color="#003d77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>REALIZED
 AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net realized
 gain (loss) on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">16,972,445</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net change
 in unrealized appreciation (depreciation) on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,319,147</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#003d77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net realized
 and unrealized gain (loss) on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">26,291,592</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-top:-7px"><hr size="1" color="#003d77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2"  color="#003d77"><b>NET INCREASE
 (DECREASE) IN NET ASSETS RESULTING FROM INVESTMENT OPERATIONS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">26,517,167</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><hr size="1" color="#003d77" noshade></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1,500,000</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><hr size="1" color="#003d77" noshade></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>NET INCREASE
 (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS RESULTING FROM INVESTMENT
 OPERATIONS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,017,167</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px"><hr size="2" color="#003d77" noshade></div></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>40&#160;&#160;|&#160;&#160;THE ROYCE FUNDS ANNUAL REPORT 2004</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_41"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE FOCUS TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Statement of Changes in Net Assets</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr >
<tr bgcolor="#dadfed"><td valign="bottom"><font face="sans-serif" size="2">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Year
 Ended</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Year
 Ended</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>12/31/04
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>12/31/03
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>INVESTMENT
 OPERATIONS:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net investment
 income (loss)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">225,575</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">735,458</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net realized
 gain (loss) on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">16,972,445</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,288,351</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net change
 in unrealized appreciation (depreciation) on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,319,147</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24,687,435</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net increase
 (decrease) in net assets resulting from investment operations</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">26,517,167</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">33,711,244</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td></tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net investment
 income</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(21,150</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(153,283</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net realized
 gain on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1,478,850</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1,355,105</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Quarterly
 distributions accrued but not yet declared</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(221</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2">Total distributions
 to Preferred Stockholders</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1,500,000</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1,508,609</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>NET INCREASE
 (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS RESULTING FROM INVESTMENT
 OPERATIONS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,017,167</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">32,202,635</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>DISTRIBUTIONS
 TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net investment
 income</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(242,185</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(582,175</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Net realized
 gain on investments</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(16,948,411</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(5,147,260</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2">Total distributions
 to Common Stockholders</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(17,190,596</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(5,729,435</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>CAPITAL
 STOCK TRANSACTIONS:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Offering costs
 from issuance of Preferred Stock</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(984,000</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Reinvestment
 of distributions to Common Stockholders</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">11,013,943</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,566,912</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2">Total capital
 stock transactions</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">11,013,943</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,582,912</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>NET INCREASE
 (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">18,840,514</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">29,056,112</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003d77"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Beginning
 of year</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">87,012,078</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">57,955,966</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">End
 of year (including undistributed net investment income (loss) of ($15,000) in 2004.)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">105,852,592</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">87,012,078</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px"><hr size="2" color="#003D77" noshade></div></td>
</tr>
</table><br>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;41</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>

<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_42"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8" valign="bottom"><font face="Sans-Serif" color="#003D77"><br><b>ROYCE FOCUS TRUST</b></font></td>
<td valign="top"><font face="Sans-Serif" color="#003D77">&#160;</font></td>
<td colspan="7" valign="bottom" align="right"><font face="Sans-Serif" color="#003D77"><br><b>&#160;</b></font></td>
</tr>
<tr>
<td colspan="16" valign="top"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="top"><div style="margin-top:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" align="left" ><font face="Sans-Serif" color="#003D77">&#160;&#160;&#160;&#160;&#160;&#160;<b>Financial Highlights</b></font></td>
</tr>
<tr>
<td colspan="16" bgcolor="#DADFED" valign="bottom"><div style="margin-bottom:-7px"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
<td><font face="Sans-Serif" size="2" color="#003D77">&#160;</font></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2">This table is presented to show selected
 data for a share of Common Stock outstanding throughout each period, and to assist
 stockholders in evaluating the Fund&#146;s performance for the periods presented.
</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Sans-Serif" size="2">&#160;
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="19" align="center"><font face="Sans-Serif" size="2">
<b>Years ended December 31,</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="19"><hr size="1" color="#003D77" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>2004</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>2003</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>2002</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>2001</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="Sans-Serif" size="2">
<b>2000</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="2" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>NET ASSET
 VALUE, BEGINNING OF PERIOD</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.00</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.27</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.28</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.77</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.94</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>INVESTMENT
 OPERATIONS:</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Net
 investment income (loss)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.02</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.08</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.05</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.12</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Net
 realized and unrealized gain (loss) on investments</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.63</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3.57</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.74</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.79</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.26</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:30px; text-indent:-10px;">Total
 investment operations</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.65</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3.65</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.75</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.84</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.38</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>DISTRIBUTIONS
 TO PREFERRED STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Net
 investment income</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.00</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.03</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.04</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.03</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Net
 realized gain on investments</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.15</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.14</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.13</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.13</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.14</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:30px; text-indent:-10px;">Total
 distributions to Preferred Stockholders</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.15</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.16</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.16</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.17</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.17</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>NET INCREASE
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><p style="margin-left:20px; text-indent:-10px;"><b>
STOCKHOLDERS RESULTING FROM INVESTMENT OPERATIONS</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2.50</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3.49</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.91</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.67</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.21</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>DISTRIBUTIONS
 TO COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Net
 investment income</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.06</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.03</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.06</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Net
 realized gain on investments</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.72</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.56</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.07</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.11</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.28</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:30px; text-indent:-10px;">Total
 distributions to Common Stockholders</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1.74</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.62</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.09</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.14</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.34</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>CAPITAL
 STOCK TRANSACTIONS:</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Effect
 of Preferred Stock Offering</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.11</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Effect
 of reinvestment of distributions by Common Stockholders</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.03</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.04</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:30px; text-indent:-10px;">Total
 capital stock transactions</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.14</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.01</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.04</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="1" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>NET ASSET
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.75</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.00</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.27</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.28</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.77</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-top:-7px"><hr size="2" color="#003D77" noshade></div></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>MARKET
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10.47</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.48</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.56</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.65</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.69</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr bgcolor="#dadfed">
<td valign="bottom" colspan="21"><div style="margin-bottom:-7px"><hr size="2" color="#003D77" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>TOTAL RETURN
<a href="#page42_(a)"><sup>(a)</sup></a>:</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Market Value
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47.3</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64.0</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(15.1</font>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19.7</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27.9</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net Asset
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29.2</font>
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54.3</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12.5</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10.0</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20.9</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>RATIOS
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;"><b>
COMMON STOCKHOLDERS:</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total expenses
<sup><a href="#page42_(b)">(b,</a><a href="#page42_(c)">c)</a></sup></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.53</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.57</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.88</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.47</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.44</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Management
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.27</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.14</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.13</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.11</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.00</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">Other
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.26</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.43</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.75</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.36</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.44</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net investment
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.24</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.07</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.16</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)%</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.70</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.93</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#003D77"><b>SUPPLEMENTAL
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Net Assets
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">End
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,853</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">87,012</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,956</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,654</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,933</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Liquidation
 Value of Preferred Stock,</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">End
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Portfolio
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<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">49</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">69</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2" color="#003D77"><b>PREFERRED
 STOCK:</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Total shares
 outstanding</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000,000
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000,000
</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">800,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">800,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">800,000</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Asset coverage
 per share</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">130.85</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">112.01</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">97.44</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">108.32</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101.17</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Liquidation
 preference per share</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.00</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.00</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.00</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.00</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.00</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Average market
 value per share <a href="#page42_(d)"><sup>(d)</sup></a>:</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">6.00%
 Cumulative</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24.83</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.45</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><p style="margin-left:20px; text-indent:-10px;">7.45%
 Cumulative</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">&#150;</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.53</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.64</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.09</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22.23</font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="21"><hr size="2" color="#003D77" noshade></td>
</tr>
</table><table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2"><a name="page42_(a)"></a><sup>(a)</sup></font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">The Market
 Value Total Return is calculated assuming a purchase of Common Stock on the opening
 of the first business day and a sale on the closing of the last business day
 of each period reported. Dividends and distributions, if any, are assumed for the
 purposes of this calculation, to be reinvested at prices obtained under the
 Fund&#146;s Distribution Reinvestment and Cash Purchase Plan. Net Asset Value Total
 Return is calculated on the same basis, except that the Fund&#146;s net asset value
 is used on the purchase and sale dates instead of market value.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2"><sup>(b)</sup></font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Expense ratios
 based on total average net assets including liquidation value of Preferred Stock
 were 1.21%, 1.20%, 1.43%, 1.11% and 1.05% for the periods ended December
 31, 2004, 2003, 2002, 2001 and 2000, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2"><sup>(c)</sup></font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Expense ratios
 based on average net assets applicable to Common Stockholders before waiver of fees
 by the investment adviser would have been 1.73%, 2.06%, 1.69% and
 1.81% for the periods ended December 31, 2003, 2002, 2001 and 2000, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2"><sup>(d)</sup></font>
</td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">The average
 of month-end market values during the period that the preferred stock was outstanding.
</font></td>
</tr>
</table>
<br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><b>42&#160;&#160;|&#160;&#160;THE ROYCE FUNDS ANNUAL REPORT 2004</b></font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_43"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE FOCUS
 TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left" colspan="2"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements

</b></font></td>
</tr>
<tr>
<td valign="top" colspan="2"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>

<td valign="top" align="left" width="49%"><div align="justify"><font
face="Sans-Serif" size="2" color="#004585"><b><br>Summary of
Significant Accounting Policies:<br><br></b></font><font
face="Sans-Serif"
size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Royce Focus
Trust, Inc. (&#147;the Fund&#148;) is a diversified closed-end
investment company. The Fund commenced operations on March 2, 1988
and Royce & Associates, LLC (&#147;Royce&#148;) assumed investment
management responsibility for the Fund on November 1,
1996.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
preparation of financial statements in conformity with accounting
principles generally accepted in the United States of America
requires management to make estimates and assumptions that affect the
reported amounts of assets and liabilities and the disclosure of
contingent assets and liabilities at the date of the financial
statements, and the reported amounts of income and expenses during
the reporting period. Actual results could differ from those
estimates.<br>
<br></font><font face="Sans-Serif" size="2"
color="#004585"><b>Valuation of Investments:<br></b></font><font
face="Sans-Serif"
size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Securities
are valued as of the close of trading on the New York Stock Exchange
(generally 4:00 p.m. Eastern time) on the valuation date. Securities
that trade on an exchange or Nasdaq are valued at their last reported
sales price taken from the primary market in which each security
trades or, if no sale is reported for such day, at their bid price.
Other over-the-counter securities for which market quotations are
readily available are valued at their bid price. Securities for which
market quotations are not readily available are valued at their fair
value under procedures established by the Fund&#146;s Board of
Directors. Bonds and other fixed income securities may be valued by
reference to other securities with comparable ratings, interest rates
and maturities, using established independent pricing
services.<br><br></font><font face="Sans-Serif" size="2"
color="#004585"><b>Investment Transactions and

 Related Investment Income:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Investment
transactions are accounted for on the trade date. Dividend income is recorded on the ex-dividend date and any non-cash dividend income
is recorded at the fair market value of the securities received. Interest income is recorded on an accrual basis. Realized gains and
 losses from investment transactions are determined on the basis of identified cost for book and tax purposes.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Expenses:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
The Fund incurs direct and indirect expenses. Expenses directly attributable to the Fund are charged to the Fund&#146;s
operations, while expenses applicable to more than one of the Royce Funds are allocated in an equitable manner. Allocated personnel and occupancy costs related to The Royce Funds are included in administrative and office facilities expenses. The Fund
has adopted a deferred fee agreement that allows the Fund&#146;s Directors to defer the receipt of all or a portion of Directors&#146; Fees otherwise payable. The deferred fees are invested in certain Royce Funds until distributed in accordance with the
agreement.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Taxes:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;As a qualified regulated investment company under Subchapter M of the
Internal Revenue Code, the Fund is not subject to income taxes to the extent that it distributes substantially
all of its taxable income for its</font></div></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>


<td valign="top" align="left"><div align="justify"><font face="Sans-Serif" size="2"><br>fiscal year. The Schedule of
Investments includes information regarding income taxes under the caption &#147;Income Tax Information&#148;. <br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Distributions:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund currently has a policy of paying quarterly distributions on the Fund&#146;s Common Stock.
Distributions are currently being made at the annual rate of 5% of the rolling average of the prior four
calendar quarter-end NAVs of the Fund&#146;s Common Stock, with the fourth quarter distribution being the
greater of 1.25% of the rolling average or the distribution required by IRS regulations. Distributions to
Preferred Stockholders are recorded on an accrual basis and paid quarterly. The Fund is required to allocate
 long-term capital gain distributions and other types of income proportionately to distributions made to holders
of shares of Common Stock and Preferred Stock. To the extent that distributions are not paid from long-term capital
gains, net investment income or net short-term capital gains, they will represent a return of capital. Distributions
are determined in accordance with income tax regulations that may differ from accounting principles generally accepted in the United States of America. Permanent book and tax basis differences relating to stockholder distributions will result in reclassifications within the capital accounts. Undistributed net investment income may include temporary book and tax basis differences, which will
reverse in a subsequent period. Any taxable income or gain remaining undistributed at fiscal year end is distributed in the
 following year.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Repurchase Agreements:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund entered into repurchase agreements
with respect to its portfolio securities solely with State Street Bank and Trust Company (&#147;SSB&#038;T&#148;), the custodian of its assets. The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged
as collateral for repurchase agreements, which are held by SSB&#038;T until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including
 accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of SSB&#038;T, including possible delays or restrictions upon the ability of the Fund to dispose of the underlying securities.<br><br></font>
<font face="Sans-Serif" size="2" color="#004585"><b>Securities
 Lending:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Fund loans securities to qualified institutional investors for the purpose of realizing additional income. Collateral on all securities loaned for the Fund is accepted in cash and is invested temporarily by the custodian. The collateral is equal to
at least 100% of the current market value of the loaned securities.<br><br></font><font face="Sans-Serif" size="2" color="#004585"><b>Capital Stock:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The
Fund issued 1,182,493 and 432,353 shares of Common Stock as reinvestment of distributions by Common Stockholders
for the years ended December 31, 2004 and 2003, respectively.<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;On
October 20, 2003, the Fund redeemed all (800,000 shares) of its then outstanding 7.45% Cumulative Preferred Stock at the redemption</font></div></td>

</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;43</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<page>
<hr size="5" color="gray" noshade>
<br>
<a name="page_44"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE
 TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>DECEMBER 31, 2004</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="2"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="2"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left" colspan="2"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements (continued)

</b></font></td>
</tr>
<tr>
<td valign="top" colspan="2"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="49%" valign="top" align="left"><div align="justify"><font face="Sans-Serif" size="2"><br>price of $25.00 per share, plus
accumulated and unpaid dividends through the redemption date of $0.14486 per share. On October 17,
2003, the Fund received net proceeds of $24,212,500 (after underwriting discounts of $787,500 and
before estimated offering expenses of $196,500) from the public offering of 1,000,000 shares of
6.00% Cumulative Preferred Stock. Commencing October 17, 2008 and thereafter, the Fund, at its
option, may redeem the 6.00% Cumulative Preferred Stock, in whole or in part, at the redemption
price.<br> &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;At December 31, 2004, 1,000,000 shares of
6.00% Cumulative Preferred Stock were outstanding. The Fund&#146;s Cumulative Preferred Stock is
classified outside of permanent equity (net assets applicable to Common Stockholders) in the
accompanying financial statements in accordance with Emerging Issues Task Force (EITF) Topic D-98,
Classification and Measurement of Redeemable Securities, that requires preferred securities that are
redeemable for cash or other assets to be classified outside of permanent equity to the extent that
the redemption is at a fixed or determinable price and at the option of the holder or upon the
occurrence of an event that is not solely within the control of the issuer. <br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Fund is required to
meet certain asset coverage tests with respect to the Cumulative Preferred Stock as required by the
1940 Act. In addition, pursuant to the Rating Agency Guidelines established by Moody&#146;s, the Fund is
required to maintain a certain discounted asset </font></div> </td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Sans-Serif" size="2"><br>coverage. If the Fund fails
to meet these requirements and does not correct such failure, the Fund may be required to redeem, in
part or in full, the Cumulative Preferred Stock at a redemption price of $25.00 per share, plus an
amount equal to the accumulated and unpaid dividends, whether or not declared on such shares, in
order to meet these requirements. Additionally, failure to meet the foregoing asset coverage
requirements could restrict the Fund&#146;s ability to pay dividends to Common Shareholders and could
lead to sales of portfolio securities at inopportune times. The Fund has met these requirements
since issuing the Preferred Stock.</font><br><br><font face="Sans-Serif" size="2" color="#004585"><b>Investment Advisory Agreement:</b></font><br>
<font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Investment Advisory Agreement between Royce and the Fund
provides for fees to be paid at an annual rate of 1.0% of the Fund&#146;s
average daily net assets applicable to Common Stockholders plus the
liquidation value of Preferred Stock. Royce has voluntarily committed to
waive the portion of its investment advisory fee attributable to an issue
of the Fund&#146;s Preferred Stock for any month in which the Fund&#146;s average
annual NAV total return since issuance of the Preferred Stock fails to
exceed the applicable Preferred Stock&#146;s dividend rate.<br>
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;For the year ended December 31, 2004, the Fund accrued and paid
Royce advisory fees totaling $1,197,732.</font></div></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2" color="#004585"><b>Distributions to Stockholders:</b></font><br><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;The tax character
 of distributions paid to stockholders during 2004 and 2003 was as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" colspan="8"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Distributions
 paid from:</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>2004</u></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2"><u>2003</u></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ordinary
 income</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2">263,335</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2">1,622,760</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Long-term
 capital gain</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,427,261</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,615,063</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="6"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">18,690,596 </font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,237,823</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;As of December 31, 2004, the tax basis components
 of distributable earnings included in stockholder&#146;s equity were as follows:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Undistributed
 long-term capital gain</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="1%"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,664,129</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Unrealized
 appreciation</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,902,673</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Accrued preferred
 distributions</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(33,333</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3"><hr size="1" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">46,533,469</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p align="justify"><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;For financial reporting purposes, capital accounts and distributions to shareholders are adjusted to reflect the tax character of permanent book / tax differences. For the year ended December 31, 2004, the Fund recorded the following permanent reclassifications, which relate primarily to the current net operating losses. Results of operations and net assets were not affected by these reclassifications.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td valign="bottom" colspan="7"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Undistributed</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Accumulated</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Net Investment</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Net Realized</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Income</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">Gain (Loss)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">$22,760</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="19%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">$(22,760)</font></td>
<td width="21%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="7"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Purchases and Sales of Investment Securities:</b></font><br><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;For the year ended December 31, 2004, the cost of purchases and proceeds from sales of investment securities, other than short-term securities and collateral received for securities loaned, amounted to $61,719,366 and $56,634,211, respectively.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>44&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<a name="page_45"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE FOCUS
 TRUST</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#bec1d9">
<td valign="bottom" align="left"><font face="Serif" color="#004585"><b>&#160;&#160;&#160;Report of Independent Registered Public Accounting Firm</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
</table>
<p><font face="Serif" color="#004585"><b>To the Board of Directors and Stockholders of Royce Focus Trust, Inc.</b></font></p>
<p align="justify"><font face="Serif">&#160;&#160;&#160;&#160;&#160;&#160;We have audited the accompanying statement of assets and liabilities of Royce Focus Trust, Inc., including the schedule of investments,
as of December 31, 2004, and the related statement of operations for the year then ended, and the statement of changes in net assets for the
two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements
and financial highlights are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial
statements and financial highlights based on our audits.<br>&#160;&#160;&#160;&#160;&#160;&#160;We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (U.S.). Those standards
require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights
are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the
financial statements and financial highlights. Our procedures included confirmation of securities owned as of December 31, 2004, by
correspondence with the custodian. An audit also includes assessing the accounting principles used and significant estimates made by
management, as well as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable basis for
our opinion.<br>&#160;&#160;&#160;&#160;&#160;&#160;In our opinion, the financial statements and financial highlights referred to above and audited by us present fairly, in all material respects,
the financial position of Royce Focus Trust, Inc. at December 31, 2004, the results of its operations for the year then ended, the changes in
its net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then
ended, in conformity with accounting principles generally accepted in the United States of America.<br><br><br>
TAIT, WELLER, &#038; BAKER<br><br>
Philadelphia, PA<br>January 21, 2005</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004&#160;&#160;|&#160;&#160;45</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<a name="page_46"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>DISTRIBUTION&#160; REINVESTMENT&#160; AND&#160; CASH&#160; PURCHASE&#160; OPTIONS&#160; FOR &#160;COMMON&#160; STOCKHOLDERS</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<p><font face="Serif" color="#004585" size="2"><b>Why should I reinvest my distributions?</b></font></p>

<p align="justify"><font face="Serif" size="2">By reinvesting distributions, a
stockholder can maintain an undiluted investment in the Fund. The
regular reinvestment of distributions has a significant impact on
stockholder returns. In contrast, the stockholder who takes
distributions in cash is penalized when shares are issued below net asset value to other stockholders.</font></p>

<p><font face="Serif" color="#004585" size="2"><b>How does the reinvestment of distributions from the Royce closed-end funds work?</b></font></p>

<p align="justify"><font face="Serif" size="2">The Funds automatically issue shares in payment of distributions
unless you indicate otherwise. The shares are generally issued at the
lower of the market price or net asset value on the valuation date.</font></p>

<p><font face="Serif" color="#004585" size="2"><b>How does this apply
to registered stockholders?</b></font></p>

<p align="justify"><font face="Serif" size="2">If your shares are
registered directly with a Fund, your distributions are automatically
reinvested unless you have otherwise instructed the Funds&#146; transfer
agent, EquiServe, in writing. A registered stockholder also has the
option to receive the distribution in the form of a stock certificate
or in cash if EquiServe is properly notified.</font></p>

<p><font face="Serif" color="#004585" size="2"><b>What if my shares are held by a brokerage firm or a bank?</b></font></p>

<p align="justify"><font face="Serif" size="2">If your shares are held by a
brokerage firm, bank, or other intermediary as the stockholder of
record, you should contact your brokerage firm or bank to be certain
that it is automatically reinvesting distributions on your behalf. If
they are unable to reinvest distributions on your behalf, you should
have your shares registered in your name in order to participate.</font></p>

<p><font face="Serif" color="#004585" size="2"><b>What other features are available for registered stockholders?</b></font></p>

<p align="justify"><font face="Serif" size="2">The Distribution
Reinvestment and Cash Purchase Plans also allow registered
stockholders to make optional cash purchases of shares of a Fund&#146;s
common stock directly through EquiServe on a monthly basis, and to
deposit certificates representing your Fund shares with EquiServe for
safekeeping. The Funds&#146; investment adviser is absorbing all
commissions on optional cash purchases under the Plans through
December 31, 2005.</font></p>

<p><font face="Serif" color="#004585" size="2"><b>How do the Plans work for registered stockholders?</b></font></p>

<p align="justify"><font face="Serif" size="2">EquiServe maintains the accounts for registered stockholders in the
Plans and sends written confirmation of all transactions in the
account.  Shares in the account of each participant will be held by
EquiServe in non-certificated form in the name of the participant,
and each participant will be able to vote those shares at a
stockholder meeting or by proxy. A participant may also send other
stock certificates held by them to EquiServe to be held in
non-certificated form. There is no service fee charged to
participants for reinvesting distributions. If a participant elects
to sell shares from a Plan account, EquiServe will deduct a $2.50 fee
plus brokerage commissions from the sale transaction.  If a nominee
is the registered owner of your shares, the nominee will maintain the
accounts on your behalf.</font></p>

<p><font face="Serif" color="#004585" size="2"><b>How can I get more information on the Plans?</b></font></p>

<p align="justify"><font face="Serif" size="2">You can call an Investor Services Representative at (800) 221-4268 or
you can request a copy of the Plan for your Fund from EquiServe. All
correspondence (including notifications) should be directed to: [Name
of Fund] Distribution Reinvestment and Cash Purchase Plan, c/o
EquiServe, PO Box 43011, Providence, RI 02940-3011, telephone (800)
426-5523.</font></p>


<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>46&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<page>
<hr size="5" color="gray" noshade>
<br>
<a name="page_47"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td><font face="Sans-Serif" color="#003D77"><b>DIRECTORS AND OFFICERS</b></font><hr size="2" color="#003D77" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2"><br>
<b>All Directors and Officers may be reached c/o The Royce Funds, 1414 Avenue of the
 Americas, New York, NY 10019</b></font><hr size="2" color="#003D77" noshade></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td colspan="3"><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b> Charles M. Royce (65),
 Director<a href="#page_47_foot_star">*</a> and President</font></td>
<td>&#160;</td>
<td colspan="3"><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b> Arthur S. Mehlman (63), Director</font></td>
</tr>
<tr>
<td width="16%"><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2006:</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="33%"><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1986 (RVT), 1993 (RMT), 1996 (FUND)</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="16%"><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2004</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="37%"><font face="Sans-Serif" size="1"><b> Tenure:</b> Since 2004</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1"><b>Number of Funds Overseen:</b> 21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b>
Director of Technology Investment Capital Corp.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1"><b>Number of Funds Overseen:</b> 21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><p align="justify"><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b>
 Director/ Trustee of registered investment companies constituting the 23 Legg Mason
Funds and Director of Municipal Mortgage &#038; Equity, LLC.</font></p></td>
</tr>
<tr>
<td colspan="3" valign="top"><p align="justify"><font face="Sans-Serif" color="#000000" size="1">
<br><b>Principal Occupation(s) During Past Five Years:</b></font> <font face="Sans-Serif" size="1">
 President, Chief Investment Officer and Member of Board of Managers of Royce &#038; Associates, LLC
 (&#147;Royce&#148;) (since October 2001), the Trust&#146;s investment adviser.</font></p></td>
<td>&#160;</td>
<td rowspan="3" colspan="3" valign="top"><p align="justify">
<font face="Sans-Serif" color="#000000" size="1"><br><b>Principal Occupation(s) During Past Five Years:</b>
</font><font face="Sans-Serif" size="1"> Director of The League for People with Disabilities, Inc.; Director of University of Maryland Foundation and University of Maryland College Park Foundation (nonprofits) and Partner, KPMG LLP (international accounting firm) (1972-2002).
</font><br><br><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">David L. Meister (65), Director</font></p></td>
</tr>
<tr>
<td colspan="3"><font face="Sans-Serif" size="1"><br><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">Mark R. Fetting (50), Director<a href="#page_47_foot_star">*</a></font></td>
<td>&#160;</td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2004</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 2001</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td rowspan="2" valign="top"><font face="Sans-Serif" size="1"><b>Number of Funds Overseen: 21</b></font></td>
<td rowspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
<td rowspan="2"><div align="justify"><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b>
 Director/Trustee of the registered investment companies constituting the 23 Legg Mason Funds.
</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2004</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1986 (RVT), 1993 (RMT), 1996 (FUND)</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1"><b>Number of Funds Overseen:</b> 21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><div align="justify"><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b>
 None</font></div></td>
</tr>
<tr>
<td rowspan="2" colspan="3" valign="top"><div align="justify">
<font face="Sans-Serif" color="#000000" size="1"><br><b>Principal Occupation(s) During Past Five Years:</b>
</font><font face="Sans-Serif" size="1"> Executive Vice President of Legg Mason, Inc.; Member of Board of
 Managers of Royce (since October 2001); Division President and Senior Officer, Prudential Financial
 Group, Inc. and related companies, including Fund Boards and consulting services to subsidiary
 companies (from 1991 to 2000). Mr. Fetting&#146;s prior business experience includes having served as Partner, Greenwich
 Associates and Vice President, T. Rowe Price Group, Inc.
</font></div><hr size="2" color="#003D77" noshade>
<font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">Donald R. Dwight (73), Director </font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3"><div align="justify"><font face="Sans-Serif" color="#000000" size="1">
<br><b>Principal Occupation(s) During Past Five Years:</b></font><font face="Sans-Serif" size="1"> Chairman and Chief Executive
 Officer of The Tennis Channel (since June 2000). Chief Executive Officer of Seniorlife.com (from December 1999
to May 2000). Mr. Meister&#146;s prior business experience includes having served as a consultant to the communications
 industry, President of Financial News Network, Senior Vice President of HBO, President of Time-Life Films and Head
 of Broadcasting for Major League Baseball.
</font></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="3"><font face="Sans-Serif" size="1"><br><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">G. Peter O&#146;Brien (59), Director</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2005</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b> Tenure:</b> Since 1998</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2006</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 2001</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1"><b>Number of Funds Overseen:</b> 21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td rowspan="4" valign="top"><font face="Sans-Serif" size="1"><b>Number of Funds Overseen:</b> 21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td rowspan="4" valign="top"><div align="justify"><font face="Sans-Serif" size="1">
<b>Non-Royce Directorships:</b> Director/ Trustee of registered investment companies constituting the 23 Legg-Mason
 Funds; Director of Renaissance Capital Greenwich Fund and Director of Technology Investment Capital Corp.
</font></div></td>
</tr>
<tr>
<td valign="top" rowspan="6" colspan="3"><div align="justify">
<font face="Sans-Serif" color="#000000" size="1">
<br><b>Principal Occupation(s) During Past Five Years:</b> President
 of Dwight Partners, Inc., corporate communications consultant; Chairman (from 1982 to March 1998) and Chairman
 Emeritus (since March 1998) of Newspapers of New England, Inc. Mr. Dwight&#146;s prior experience includes having served
 as Lieutenant Governor of the Commonwealth of Massachusetts, as President and Publisher of Minneapolis Star and Tribune
 Company, and as Trustee of the registered investment companies constituting the Eaton Vance Funds.
</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td rowspan="15" colspan="3" valign="top"><div align="justify">
<font face="Sans-Serif" color="#000000" size="1"><b>Principal Occupation(s) During Past Five Years:</b>
</font><font face="Sans-Serif" size="1"> Trustee of Colgate University; President of Hill House, Inc.; Director/Trustee
 of certain Legg Mason retail funds; Managing Director/Equity Capital Markets Group of Merrill Lynch &#038; Co. (from 1971 to 1999).
</font></div><hr size="2" color="#003D77" noshade>
<div align="justify"><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
 <font face="Sans-Serif" size="1">John D. Diederich (53), Vice President and Treasurer
<br>
 <b>Tenure:</b> Since 1997<br>
<b>Principal Occupation(s) During Past Five Years:</b>
 Managing Director, Chief Operating Officer and Member of Board of Managers of Royce
 (since October 2001); Director of Administration of the Funds since April 1993.
<br><br>
</font><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b>
</font> <font face="Sans-Serif" size="1"> Jack E. Fockler, Jr. (46), Vice President
<br> <b>Tenure:</b> Since 1995 (RVT), 1995 (RMT), 1996 (FUND)
<br>
<b>Principal Occupation(s) During Past Five Years:</b>
 Managing Director and Vice President of Royce, having been employed by Royce since October 1989.
<br><br>
</font><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
 <font face="Sans-Serif" size="1">  W. Whitney George (46), Vice President
<br><b>Tenure:</b> Since 1995 (RVT), 1995 (RMT), 1996 (FUND)
<br> <b>Principal Occupation(s) During Past Five Years:</b>
 Managing Director and Vice President of Royce, having been employed by Royce since October 1991.
<br><br>
</font><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
 <font face="Sans-Serif" size="1"> Daniel A. O&#146;Byrne (42), Vice President and Assistant Secretary
<br>
<b>Tenure:</b> Since 1994 (RVT), 1994 (RMT), 1996 (FUND)
<br> <b>Principal Occupation(s) During Past Five Years:
</b>Vice President of Royce, having been employed by Royce since October 1986.
<br><br>
</font><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
 <font face="Sans-Serif" size="1"> John E. Denneen (37), Secretary <br>
 <b>Tenure:</b> 1996-2001 and Since April 2002<br>
<b>Principal Occupation(s) During Past Five Years:</b> General Counsel(Deputy General Counsel prior to 2003), Principal, Chief
 Legal and Compliance Officer and Secretary of Royce (1996-2001 and since April 2002); Principal of Credit Suisse First
 Boston Private Equity (2001-2002).
</font></div>
</td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3">
<font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1">Richard M. Galkin (66), Director
</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2004</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1986 (RVT), 1993 (RMT), 1996 (FUND)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Number of Funds Overseen:</b> 21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="3"><div align="justify"><font face="Sans-Serif" size="1"><br>
<b>Principal Occupation(s) During Past Five Years:</b> Private investor. Mr. Galkin&#146;s prior business experience includes having
 served as President of Richard M. Galkin Associates, Inc., telecommunications consultants, President of Manhattan Cable
 Television (a subsidiary of Time, Inc.), President of Haverhills Inc. (another Time, Inc. subsidiary), President of Rhode
 Island Cable Television and Senior Vice President of Satellite Television Corp. (a subsidiary of Comsat).
</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3"><font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1"> Stephen L. Isaacs (65), Director</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2005 (RVT), 2005 (RMT), 2004 (FUND)</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 1986 (RVT), 1993 (RMT), 1996 (FUND)
</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Number of Funds Overseen:</b> 21 </font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="3"><p align="justify"><font face="Sans-Serif" size="1"><br>
<b>Principal Occupation(s) During Past Five Years:</b> President of The Center for Health and Social Policy
 (since September 1996); Attorney and President of Health Policy Associates, Inc., consultants. Mr. Isaacs&#146;s prior
 business experience includes having served as Director of Columbia University Development Law and Policy Program and
 Professor at Columbia University (until August 1996).
</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="3">
<font face="Sans-Serif" size="1"><b>NAME AND POSITION:</b></font>
<font face="Sans-Serif" size="1"> William L. Koke (70), Director
</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Term Expires:</b> 2004 (RVT), 2004 (RMT), 2005 (FUND)
</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Tenure:</b> Since 2001 (RVT), 2001 (RMT), 1997 (FUND)
</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1"><b>Number of Funds Overseen:</b> 21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1"><b>Non-Royce Directorships:</b> None</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="3"><p align="justify"><font face="Sans-Serif" size="1"><br>
<b>Principal Occupation(s) During Past Five Years:</b> Financial planner with Shoreline Financial Consultants. Mr. Koke&#146;s prior
 business experience includes having served as Director of Financial Relations of SONAT, Inc., Treasurer of Ward
 Foods, Inc. and President of CFC, Inc.
</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="bottom" colspan="2"><hr size="2" color="#003D77" noshade></td>
</tr>
<tr>
<td valign="bottom" width="1%"><font face="Sans-Serif" size="2">
<a name="page_47_foot_star"></a>*</font></td>
<td valign="top"><font face="Sans-Serif" size="-2">Interested Director</font></td>
</tr>
</table>
<br>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" colspan="7" align="right"><font face="Sans-Serif" size="1" color="#144A87">THE ROYCE FUNDS
 ANNUAL REPORT 2004&#160;&#160;|&#160;&#160;47</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_48"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>OTHER IMPORTANT INFORMATION</b></font></td>
</tr>
<tr>
<td valign="bottom"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b><br>Forward-Looking
 Statements</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">&#160;&#160;
&#160;&#160;&#160;&#160;This material contains forward-looking statements within
 the meaning of the Securities Exchange Act of 1934, as amended (the &#147;Exchange
 Act&#148;), that involve risks and uncertainties, including, among others, statements
 as to:</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="right" width="4%"><font face="Sans-Serif" size="2">&#149;</font>
</td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">the Funds&#146; future operating results</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2">&#149;</font>
</td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">the prospects
 of the Funds&#146; portfolio companies</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2">&#149;</font>
</td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">the impact
 of investments that the Funds have made or may make</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2">&#149;</font>
</td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">the dependence
 of the Funds&#146; future success on the general economy and its impact on the companies
 and industries in which the Funds invest, and</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2">&#149;</font>
</td>
<td valign="bottom" align="center"><font face="Sans-Serif" size="2">&#160;</font>
</td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"> the ability
 of the Funds&#146; portfolio companies to achieve their objectives.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div align="justify"><br>&#160;&#160;
&#160;&#160;&#160;&#160;This Report uses words such as &#147;anticipates,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;future,&#148; &#147;intends,&#148;
 and similar expressions to identify forward-looking statements. Actual results
 may differ materially from those projected in the forward-looking statements for
 any reason.</div></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div align="justify">&#160;&#160;
&#160;&#160;&#160;&#160;The Royce Funds have based the forward-looking statements
 included in this Report on information available to us on the date of the Report,
 and we assume no obligation to update any such forward-looking statements. Although
 The Royce Funds undertake no obligation to revise or update any forward-looking
 statements, whether as a result of new information, future events or otherwise,
 you are advised to consult any additional disclosures that we may make through
 future stockholder communications or Reports.</div></font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>Authorized
 Share Transactions</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div align="justify">&#160;&#160;
&#160;&#160;&#160;&#160;Royce Value Trust, Royce Micro-Cap Trust and Royce Focus
 Trust may each repurchase up to 300,000 shares of its respective common stock and
 up to 10% of the issued and outstanding shares of its respective preferred stock
 during the year ending December 31, 2005. Any such repurchases would take place
 at then prevailing prices in the open market or in other transactions. Common stock
 repurchases would be effected at a price per share that is less than the share&#146;s
 then current net asset value, and preferred stock repurchases would be effected
 at a price per share that is less than the share&#146;s liquidation value.<br>&#160;&#160;
&#160;&#160;&#160;&#160;Royce
 Value Trust, Royce Micro-Cap Trust and Royce Focus Trust are also authorized to
 offer their common stockholders an opportunity to subscribe for additional shares
 of their common stock through rights offerings at a price per share that may be
 less than the share&#146;s then current net asset value. The timing and terms of
 any such offerings are within each Board&#146;s discretion.</div></font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>Proxy Voting
</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div align="justify">&#160;&#160;
&#160;&#160;&#160;&#160;A copy of the policies and procedures that The Royce Funds
 use to determine how to vote proxies relating to portfolio securities is available,
 without charge, by calling 1-800-221-4268 (toll-free) and on the website of the
 Securities and Exchange Commission (&#147;SEC&#148;), at www.sec.gov. Information
 regarding how each of The Royce Funds voted proxies relating to portfolio securities
 during the most recent 12-month period ended June 30 is also available without charge,
 by calling 1-800-221-4268 (toll-free), on the website of the SEC, at www.sec.gov.,
 and on The Royce Funds&#146; website at www.roycefunds.com.</div></font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>Form N-Q
 Filing</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div align="justify">&#160;&#160;
&#160;&#160;&#160;&#160;The Funds file their complete schedules of investments with
 the SEC for the first and third quarters of each fiscal year on Form N-Q. The Funds&#146; Forms N-Q are available on The Royce Funds&#146; website at www.roycefunds.com
 and on the SEC&#146;s website at www.sec.gov. The Funds&#146; Forms N-Q may also
 be reviewed and copied at the SEC&#146;s Public Reference Room in Washington, D.C.
 To find out more about this public service, call the SEC at 1-800-732-0330. The
 Funds&#146; complete schedules of investments are updated quarterly, and are available
 at www.roycefunds.com.</div></font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>Annual
 Certifications</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><div align="justify">&#160;&#160;
&#160;&#160;&#160;&#160;As required, the Funds have submitted to the New York Stock
 Exchange (&#147;NYSE&#148;) for Royce Value Trust, Royce Micro-Cap Trust and Royce
 Focus Trust, and to Nasdaq for Royce Focus Trust, respectively, the annual certification
 of the Funds&#146; Chief Executive Officer that he is not aware of any violation
 of the NYSE&#146;s or Nasdaq&#146;s Corporate Governance listing standards. The
 Funds also have included the certification of the Funds&#146; Chief Executive Officer
 and Chief Financial Officer required by section 302 of the Sarbanes-Oxley Act of
 2002 as exhibits to the Funds&#146; Form N-CSR for the year ended December 31, 2004,
 filed with the Securities and Exchange Commission.</div></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="1"><br>48&#160;&#160;|&#160;&#160;THE&#160;&#160;ROYCE&#160;&#160;FUNDS&#160;&#160;ANNUAL&#160;&#160;REPORT&#160;&#160;2004</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<page>
<hr size="5" color="gray" noshade>
<br>
<a name="page49"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="16" valign="top"><font face="Sans-Serif" color="#003D77"><br><b>STOCKHOLDER MEETING RESULTS</b></font>
<hr size="2" color="#004585" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<table border="solid" rules="groups" bordercolor="#004585" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="13" bgcolor="#DADFED" align="left"><div style="margin-left: 15px"><font face="Sans-Serif" color="#003D77">
<b>ROYCE VALUE TRUST, INC.</b></font></div><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11" align="left"><font face="Sans-Serif" color="#003D77" size="2">At the 2004 Annual Meeting of Stockholders
 held on September 28, 2004, the Fund&#146;s stockholders elected five Directors, consisting of:</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="center" colspan="3"><font face="Sans-Serif" color="#003D77" size="2"><b>Votes For</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="center" colspan="3"><font face="Sans-Serif" color="#003D77" size="2"><b>Votes Abstained</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Mark R. Fetting<a href="#page49_aonestar">*</a></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right" width="5%"><font face="Sans-Serif" color="#003D77" size="2">54,308,032</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right" width="5%"><font face="Sans-Serif" color="#003D77" size="2">432,961</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Richard M. Galkin<a href="#page49_aonestar">*</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">54,325,149</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">415,844</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">William L. Koke<a href="#page49_atwostar">**</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">7,659,862</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">67,338</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Arthur S. Mehlman<a href="#page49_aonestar">*</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">54,331,600</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">409,393</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">David L. Meister<a href="#page49_atwostar">**</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">7,650,962</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">76,238</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" align="left"><div style="margin-left: 15px">
<font face="Sans-Serif" color="#003D77" size="2"><a name="page49_aonestar"></a>* Common Stock and Preferred Stock voting
 together as a single class.</font></div></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" align="left"><div style="margin-left: 10px">
<font face="Sans-Serif" color="#003D77" size="2"><a name="page49_atwostar">
</a>** Preferred Stock voting as a separate class.</font></div></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<br><br>
<table border="solid" rules="groups" bordercolor="#004585" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="13" bgcolor="#DADFED" align="left"><div style="margin-left: 15px"><font face="Sans-Serif" color="#003D77">
<b>ROYCE MICRO-CAP TRUST, INC.</b></font></div><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11" align="left"><font face="Sans-Serif" color="#003D77" size="2">At the 2004 Annual Meeting of Stockholders
 held on September 28, 2004, the Fund&#146;s stockholders elected five Directors, consisting of:</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="center" colspan="3"><font face="Sans-Serif" color="#003D77" size="2"><b>Votes For</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="center" colspan="3"><font face="Sans-Serif" color="#003D77" size="2"><b>Votes Abstained</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Mark R. Fetting<a href="#page49_bonestar">*</a></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right" width="5%"><font face="Sans-Serif" color="#003D77" size="2">20,558,869</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right" width="5%"><font face="Sans-Serif" color="#003D77" size="2">142,202</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Richard M. Galkin<a href="#page49_bonestar">*</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">20,542,698</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">158,193</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">William L. Koke<a href="#page49_btwostar">**</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">1,961,756</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">19,834</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Arthur S. Mehlman<a href="#page49_bonestar">*</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">20,567,831</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">133,510</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">David L. Meister<a href="#page49_btwostar">**</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">1,963,956</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">17,634</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" align="left"><div style="margin-left: 15px">
<font face="Sans-Serif" color="#003D77" size="2"><a name="page49_bonestar"></a>* Common Stock and Preferred Stock voting
 together as a single class.</font></div></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" align="left"><div style="margin-left: 10px">
<font face="Sans-Serif" color="#003D77" size="2"><a name="page49_btwostar">
</a>** Preferred Stock voting as a separate class.</font></div></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<br><br>
<table border="solid" rules="groups" bordercolor="#004585" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="13" bgcolor="#DADFED" align="left"><div style="margin-left: 15px"><font face="Sans-Serif" color="#003D77">
<b>ROYCE FOCUS TRUST, INC.</b></font></div><div style="margin-bottom:-7px"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11" align="left"><font face="Sans-Serif" color="#003D77" size="2">At the 2004 Annual Meeting of Stockholders
 held on September 28, 2004, the Fund&#146;s stockholders elected five Directors, consisting of:</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="center" colspan="3"><font face="Sans-Serif" color="#003D77" size="2"><b>Votes For</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="center" colspan="3"><font face="Sans-Serif" color="#003D77" size="2"><b>Votes Abstained</b></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Mark R. Fetting<a href="#page49_conestar">*</a></font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right" width="5%"><font face="Sans-Serif" color="#003D77" size="2">9,105,495</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="4%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right" width="5%"><font face="Sans-Serif" color="#003D77" size="2">107,025</font></td>
<td width="5%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Richard M. Galkin<a href="#page49_conestar">*</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">9,105,926</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">107,224</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Stephen L. Isaacs<a href="#page49_ctwostar">**</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">987,606</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">6,693</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">Arthur S. Mehlman<a href="#page49_conestar">*</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">9,106,894</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">105,626</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-Serif" color="#003D77" size="2">David L. Meister<a href="#page49_ctwostar">**</a></font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">986,706</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td align="right"><font face="Sans-Serif" color="#003D77" size="2">7,593</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="11"><hr size="1" color="#004585" noshade></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" align="left"><div style="margin-left: 15px">
<font face="Sans-Serif" color="#003D77" size="2"><a name="page49_conestar"></a>* Common Stock and Preferred Stock voting
 together as a single class.</font></div></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td colspan="2" align="left"><div style="margin-left: 10px">
<font face="Sans-Serif" color="#003D77" size="2"><a name="page49_ctwostar">
</a>** Preferred Stock voting as a separate class.</font></div></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
<td><font face="Sans-Serif" size="2">&#160;</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_last"></a>
<table width="100%" border="0" cellspacing="0" cellpadding="0" bgcolor="#004585">
<tr>
<td height="45" valign="top" colspan="6" bgcolor="#004585">&#160;</td>
</tr>
<tr>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" width="5%">&#160;</td>
<td valign="top" width="80%" colspan="2">
<p>&#160;</p>
<div align="left"><font color="#5F7AAA" face="Serif" size="7">The</font><font color="#ffffff" face="Serif" size="7">Royce</font><font color="#5F7AAA" face="Serif" size="7">Funds</font></div>
<br><br><div><font face="Sans-Serif" color="#ffffff"><b>Wealth Of Experience</b></font></div>
<div align="justify"><font face="Sans-Serif" size="2" color="#ffffff">With approximately $20.9 billion in open- and
 closed-end fund assets under management, Royce &#038; Associates is committed to the same small-company investing principles
 that have served us well for more than 30 years. Charles M. Royce, our Chief Investment Officer, enjoys one of the longest
tenures of any active mutual fund manager. Royce&#146;s investment staff includes six other Portfolio Managers, as well as
 eight assistant portfolio managers and analysts, and six traders..</font></div>
<br><div><font face="Sans-Serif" color="#ffffff"><b>Multiple Funds, Common Focus</b></font></div>
<div align="justify"><font face="Sans-Serif" size="2" color="#ffffff">Our goal is to offer both individual and
 institutional investors the best available small-cap value portfolios. Unlike a lot of mutual fund groups with
 broad product offerings, we have chosen to concentrate on small-company value investing by providing investors
 with a range of funds that take full advantage of this large and diverse sector.</font></div>
<br><div><font face="Sans-Serif" color="#ffffff"><b>Consistent Discipline</b></font></div>
<div align="justify"><font face="Sans-Serif" size="2" color="#ffffff">Our approach emphasizes paying close attention to
 risk and maintaining the same discipline, regardless of market movements and trends. The price we pay for a security
 must be significantly below our appraisal of its current worth. This requires a thorough analysis of the financial and
business dynamics of an enterprise, as though we were purchasing the entire company.</font>
</div>
<br><div><font face="Sans-Serif" color="#ffffff" size="3"><b>Co-Ownership Of Funds</b></font></div>
<div align="justify"><font face="Sans-Serif" size="2" color="#ffffff">It is important that our employees and shareholders
 share a common financial goal; our officers, employees and their families currently have approximately $74 million
 invested in The Royce Funds.</font></div>
<p>&#160;</p>
</td>
<td valign="top" width="5%">&#160;</td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td></tr>
<tr><td valign="top" colspan="6" bgcolor="#004585"><br>&#160;</td></tr>
<tr>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" width="40%" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#A0AED0"><b>General Information</b></font><br>
<font face="Sans-Serif" size="2" color="#ffffff">Additional Report Copies<br>and Fund Inquiries<br>(800) 221-4268</font><br><br><font face="Sans-Serif" size="2" color="#A0AED0"><b>EquiServe</b></font><br><font face="Sans-Serif" size="2" color="#ffffff">Transfer Agent and Registrar</font><br><font face="Sans-Serif" size="2" color="#ffffff">(800) 426-5523</font><br><br></td>
<td valign="top" width="40%" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#A0AED0">
<b>Broker/Dealer Services</b></font><br><font face="Sans-Serif" size="2" color="#ffffff">For Fund Materials and Performance Updates,
<br>(800) 59-ROYCE (597-6923)</font><br><br>
<font face="Sans-Serif" size="2" color="#A0AED0"><b>Advisor Services</b></font><br><font face="Sans-Serif" size="2" color="#ffffff">For Fund Materials, Performance Updates,<br>Transactions or Account Inquiries<br>(800) 33-ROYCE (337-6923)</font></td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td></tr>
<tr><td valign="top" colspan="6" bgcolor="#004585"><br>&#160;</td></tr>
<tr>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" colspan="2" width="80%" bgcolor="#004585"><font face="Sans-Serif" color="#ffffff"><b>www.roycefunds.com</b></font></td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td></tr>
<tr>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="bottom" colspan="5" bgcolor="#004585"><font face="Sans-Serif" size="2" color="#ffffff"><br>&#160;</font></td></tr>
<tr>
<td colspan="2" valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" align="left" colspan="2" width="80%" bgcolor="#004585"><font face="Sans-Serif" size="3" color="#ffffff"><font face="Serif" size="3" color="#ffffff"><b><br><br>CE-REP-1204<br><br>&#160;</b></font></font></td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td>
<td valign="top" width="5%" bgcolor="#004585">&#160;</td></tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2"><p align="justify">
<b>Item 2: Code(s) of Ethics</b> &#150; As of the end of the period covered by this report,
 the Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR,
 applicable to its principal executive officer, principal financial officer, principal
 accounting officer or controller, or persons performing similar functions. A copy
 of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive
 amendments were approved or waivers were granted to this code of ethics during the
 period covered by this report.</font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="6%" colspan="8" valign="bottom" align="left"><font face="Serif" size="2"><b>Item 3: Audit Committee
 Financial Expert</b> &#150;</font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" valign="bottom" align="right"><font face="Serif" size="2">(a)(1)</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="6" align="left"><font face="Serif" size="2">
The Board of Directors of the Registrant has determined that it has an audit committee
 financial expert.</font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="4%" valign="top" align="right"><font face="Serif" size="2">(a)(2)</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="6" align="left"><font face="Serif" size="2">
Arthur S. Mehlman was designated by the Board of Trustees as the Registrant&#146;s
 Audit Committee Financial Expert, effective April 15, 2004. Mr. Mehlman is &#147;independent&#148; as defined under Item 3 of Form N-CSR.</font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="8"><font face="Serif" size="2"><b>Item 4: Principal
 Accountant Fees and Services.</b></font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Serif" size="2">(a)</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Audit Fees:</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Year ended
 December 31, 2004 - $21,300</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Year ended
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</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Serif" size="2">(b)</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="4" align="left"><font face="Serif" size="2">Audit-Related
 Fees:</font></td>
</tr>
<tr>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="4" align="left"><font face="Serif" size="2">Year ended
 December 31, 2004 - $1,500 &#150; Preparation of reports to rating agency for Preferred
 Stock</font></td>
</tr>
<tr>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="4" align="left"><font face="Serif" size="2">Year ended
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 Stock</font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Serif" size="2">(c)</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Tax Fees:</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Year ended
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</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Year ended
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<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Serif" size="2">(d)</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">All Other
 Fees:</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Year ended
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</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Year ended
 December 31, 2003 - $7,500 &#150; Services in connection with Registration Statement
 on</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Serif" size="2">Form N-2
 for newly issued Preferred Stock</font></td>
<td width="43%"><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2"><p align="justify">
(e)(1)&#160;&#160;&#160;Annual Pre-Approval: On an annual basis, the Registrant&#146;s independent
 auditor submits to the Audit Committee a schedule of proposed audit, audit-related,
 tax and other non-audit services to be rendered to the Registrant and/or investment
 adviser(s) for the following year that require pre-approval by the Audit Committee.
 This schedule provides a description of each type of service that is expected to
 require pre-approval and the maximum fees that can be paid for each such
 service without further Audit Committee approval. The Audit Committee then reviews and determines
 whether to approve the types of scheduled services and the projected fees for them.
 Any subsequent revision to already pre-approved services or fees (including fee
 increases) are presented for consideration at the next regularly scheduled Audit
 Committee meeting, as needed.</font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr><tr>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2"><p align="justify">
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;If subsequent to the annual pre-approval of services and fees by the Audit Committee,
 the Registrant or one of its affiliates determines that it would like to engage
 the Registrant&#146;s independent auditor to perform a service not already pre-approved,
 the request is to be submitted to the Registrant&#146;s Chief Financial Officer,
 and if he or she determines that the service fits within the independence guidelines
 (e.g., it is not a prohibited service), he or she will then arrange for a discussion
 of the proposed service and fee to be included on the agenda for the next regularly
 scheduled Audit Committee meeting so that pre-approval can be considered.</font></td>
</tr>
<tr>
<td colspan="8" align="left"><font face="Serif" size="1">&#160;</font></td>
</tr><tr>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2"><p align="justify">
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Interim Pre-Approval: If, in the judgment of the Registrant&#146;s Chief Financial
 Officer, a proposed engagement needs to commence before the next regularly scheduled
 Audit Committee meeting, he or she shall submit a written summary of the proposed
 engagement to all members of the Audit Committee, outlining the services, the estimated
 maximum cost, the category of the services (e.g., audit, audit-related, tax or other)
 and the rationale for engaging the Registrant&#146;s independent auditor to perform
 the services. To the extent the proposed engagement involves audit, audit-related
 or tax services, any individual member of the Audit Committee who is an independent
 Board member is authorized to pre-approve the engagement. To the extent the proposed
 engagement involves non-audit services other than audit-related or tax, the Chairman
 of the Audit Committee is authorized to</font></td>
</tr>
</table>
<p align="center"><font face="Sans-Serif" size="2">&#160;</font></p>
<hr size="5" color="gray" noshade>
<br>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" colspan="4" align="justify"><font face="Serif" size="2"><p align="justify">
pre-approve the engagement. The Registrant&#146;s Chief Financial Officer will arrange
 for this interim review and coordinate with the appropriate member(s) of the Committee.
 The independent auditor may not commence the engagement under consideration until
 the Registrant&#146;s Chief Financial Officer has informed the auditor in writing
 that pre-approval has been obtained from the Audit Committee or an individual member
 who is an independent Board member. The member of the Audit Committee who pre-approves
 any engagements in between regularly scheduled Audit Committee meetings is to report,
 for informational purposes only, any pre-approval decisions to the Audit Committee
 at its next regularly scheduled meeting.</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="6%" valign="bottom" align="left"><font face="Serif" size="2">(e)(2)</font></td>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Not Applicable</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Serif" size="2">(f)</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Not Applicable</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Serif" size="2">(g)</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Year ended
 December 31, 2004 - $4,000</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">Year ended
 December 31, 2003 - $16,000</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Serif" size="2">(h)</font></td>
<td width="4%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="8" align="left"><font face="Serif" size="2">No such services
 were rendered during 2004 or 2003.</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="10"><font face="Serif" size="2"><b>Item 5: &#160;Not Applicable.</b></font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="10"><font face="Serif" size="2"><b>Item 6: &#160;Not Applicable.</b></font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Serif" size="2"><b>Item 7:
</b></font></td>
<td colspan="4"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="Serif" size="2">June 5,
 2003</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="center"><font face="Serif" size="2">
<b>Royce &#038; Associates Proxy Voting Guidelines and Procedures</b></font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="justify"><font face="Serif" size="2"><p align="justify">
These procedures apply to Royce &#038; Associates, LLC (&#147;Royce&#148;) and all
 funds and other client accounts for which it is responsible for voting proxies,
 including all open and closed-end registered investment companies (&#147;The Royce
 Funds&#148;), limited partnerships, limited liability companies, separate accounts,
 other accounts for which it acts as investment adviser and any accounts for which
 it acts as sub-adviser that have directly or indirectly delegated proxy voting authority
 to Royce. The Boards of Trustees/Directors of The Royce Funds have delegated all
 proxy voting decisions to Royce.</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="justify"><font face="Serif" size="2"><p align="justify">
Receipt of Proxy Material. Under the continuous oversight of the Head of Administration,
 an Administrative Assistant designated by him is responsible for monitoring receipt
 of all proxies and ensuring that proxies are received for all securities for which
 Royce has proxy voting responsibility. All proxy materials are logged in upon receipt
 by Royce&#146;s Librarian.</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="4" align="justify"><font face="Serif" size="2"><p align="justify">
Voting of Proxies. Once proxy material has been logged in by Royce&#146;s Librarian,
 it is then promptly reviewed by the designated Administrative Assistant to evaluate
 the issues presented. Regularly recurring matters are usually voted as recommended
 by the issuer&#146;s board of directors or &#147;management.&#148; The Head of Administration,
 in consultation with the Chief Investment Officer, develops and updates a list of
 matters Royce treats as &#147;regularly recurring&#148; and is responsible for ensuring
 that the designated Administrative Assistant has an up-to-date list of these matters
 at all times, including instructions from Royce&#146;s Chief Investment Officer
 on how to vote on those matters on behalf of Royce clients Examples of &#147;regularly
 recurring&#148; matters include non-contested elections of directors and non-contested
 approval of independent auditors. Non-&#147;regularly recurring&#148; matters are
 brought to the attention of the portfolio manager(s) for the account(s) involved
 by the designated Administrative Assistant, and, after giving some consideration
 to advisories from &#147;Proxy Master&#148; (a service provided by Institutional
 Shareholder Services), the portfolio manager directs that such matters be voted
 in a way that he or she believes should better protect or enhance the value of the
 investment. If the portfolio manager determines that information concerning any
 proxy requires analysis, is missing or incomplete, he or she then gives the proxy
 to an analyst or another portfolio manager for review and analysis.</font></td>
</tr>
</table>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td width="4%" valign="top" align="right"><font face="Serif" size="2">a.</font></td>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
From time to time, it is possible that one Royce portfolio manager will decide (i) to vote
 shares held in client accounts he or she manages differently from the vote of another
 Royce portfolio</font></div></td>
</tr>
</table>
<p align="center"><font face="Sans-Serif" size="2">&#160;</font></p>
<hr size="5" color="gray" noshade>
<br>
<page>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Serif" size="2"><p align="justify">manager whose
 client accounts hold the same security or (ii) to abstain from voting on behalf
 of client accounts he or she manages when another Royce portfolio manager is casting
 votes on behalf of other Royce client accounts.</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom"><font face="Serif" size="2">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Serif" size="2"><p align="justify">The designated
 Administrative Assistant reviews all proxy votes collected from Royce&#146;s portfolio
 managers prior to such votes being cast. If any difference exists among the voting
 instructions given by Royce&#146;s portfolio managers, as described above, the designated
 Administrative Assistant then presents these proposed votes to the Head of Administration
 and the Chief Investment Officer. The Chief Investment Officer, after consulting
 with the relevant portfolio managers, either reconciles the votes or authorizes
 the casting of differing votes by different Royce portfolio managers. The Head of
 Administration maintains a log of all votes for which different portfolio managers
 have cast differing votes, that describes the rationale for allowing such differing
 votes and contains the initials of both the Chief Investment Officer and Head of
 Administration allowing such differing votes. The Head of Administration performs
 a weekly review of all votes cast by Royce to confirm that any conflicting votes
 were properly handled in accordance with the above-described procedures.</font></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td width="4%" valign="top" align="right"><font face="Serif" size="2">b.</font></td>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There are
 many circumstances that might cause Royce to vote against an issuer&#146;s board
 of directors or &#147;management&#148; proposal. These would include, among others,
 excessive compensation, unusual management stock options, preferential voting, poison
 pills, etc. Royce&#146;s portfolio managers decide these issues on a case-by-case
 basis as described above.</font></div></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td width="2%" valign="top" align="right"><font face="Serif" size="2">c.</font></td>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;A Royce portfolio
 manager may, on occasion, determine to abstain from voting a proxy or a specific
 proxy item when he or she concludes that the potential benefit of voting is outweighed
 by the cost, when it is not in the client account&#146;s best interest to vote.</font></div></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td width="2%" valign="top" align="right"><font face="Serif" size="2">d.</font></td>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><div align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;When a client
 has authorized Royce to vote proxies on its behalf, Royce will generally not accept
 instructions from the clients regarding how to vote proxies.</font></div></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8" align="left"><div align="justify"><font face="Serif" size="2">
Custodian banks are authorized to release all shares held for Royce client account
 portfolios to Automated Data Processing Corporation (&#147;ADP&#148;) for voting,
 utilizing ADP&#146;s &#147;Proxy Edge&#148; software system. Substantially all portfolio
 companies utilize ADP to collect their proxy votes. However, for the limited number
 of portfolio companies that do not utilize ADP, Royce attempts to register at least
 a portion of its clients holdings as a physical shareholder in order to ensure its
 receipt of a physical proxy.</font></div></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8" align="justify"><div align="justify"><font face="Serif" size="2">
Under the continuous oversight of the Head of Administration, the designated Administrative
 Assistant is responsible for voting all proxies in a timely manner. Votes are returned
 to ADP using Proxy Edge as ballots are received, generally two weeks before the
 scheduled meeting date. The issuer can thus see that the shares were voted, but
 the actual vote cast is not released to the company until 4pm on the day before
 the meeting. If proxies must be mailed, they go out at least ten business days before
 the meeting date.</font></div></td>
</tr>
<tr>
<td colspan="8"><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="8"><div align="justify"><font face="Serif" size="2">
Conflicts of Interest. The designated Administrative Assistant reviews reports generated
 by Royce&#146;s portfolio management system (&#147;Quest PMS&#148;) that set forth
 by record date, any security held in a Royce client account which is issued by a
 (i) public company that is, or a known affiliate of which is, a separate account
 client of Royce (including sub-advisory relationships), (ii) public company, or
 a known affiliate of a public company, that has invested in a privately-offered
 pooled vehicle managed by Royce or (iii) public company, or a known affiliate of
 a public company, by which the spouse of a Royce employee or an immediate family
 member of a Royce employee living in the household of such employee is employed,
 for the purpose of identifying any potential proxy votes that could present a conflict
 of interest for Royce. The Head of Administration develops and updates the list
 of such public companies or their known affiliates which is used by Quest PMS to
 generate these daily reports. This list also contains information regarding the
 source of any potential conflict relating to such companies. Potential conflicts
 identified on the &#147;conflicts reports&#148; are brought to the attention of
 the Head of Administration by the designated Administrative Assistant, who then
 reviews them to determine if business or personal relationships exist between Royce,
 its officers, managers or employees and the company that could present a material
 conflict of interest. Any such identified material conflicts are voted by Royce
 in accordance with the recommendation given by an independent third party research
 firm (Institutional Shareholder Services). The Head of Administration maintains
 a log of all such conflicts identified, the analysis of the conflict and the vote
 ultimately cast. Each entry in this log is signed by the Chief Investment Officer
 before the relevant votes are cast.</font></div></td>
</tr>
</table>
<p align="center"><font face="Sans-Serif" size="2">&#160;</font></p>
<hr size="5" color="gray" noshade>
<br>
<page>
<p align="justify"><font face="Serif" size="2">Recordkeeping. A record of the issues and
 how they are voted is stored in the Proxy Edge system. Copies of all physically
 executed proxy cards, all proxy statements and any other documents created or reviewed
 that are material to making a decision on how to vote proxies are retained in
 the Company File maintained by Royce&#146;s Librarian.</font></p>
<p align="justify"><font face="Serif" size="2"><b>Item 8: Not Applicable.</b></font></p>
<p><font face="Serif" size="2"><b>Item 9: Not Applicable.</b></font></p>
<p><font face="Serif" size="2"><b>Item 10: Controls and Procedures.</b></font></p>
<p align="justify"><font face="Serif" size="2">(a) Disclosure Controls and Procedures.
 The Principal Executive and Financial Officers concluded that the Registrant&#146;s Disclosure Controls and Procedures are effective based on their evaluation
 of the Disclosure Controls and Procedures as of a date within 90 days of the
 filing date of this report.</font></p>
<p align="justify"><font face="Serif" size="2">(b) Internal Control over Financial Reporting.
 There were no significant changes in Registrant&#146;s internal control over
financial reporting or in other factors that could significantly affect this control
 subsequent to the date of the evaluation, including any corrective actions with
 regard to significant deficiencies and material weaknesses.</font></p>
<p><font face="Serif" size="2"><b>Item 11</b>: Exhibits attached hereto.</font></p>
<p align="justify"><font face="Serif" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has
 duly caused this report to be signed on its behalf by the undersigned, thereunto
 duly authorized.</font></p>
<p><font face="Serif" size="2"><b>ROYCE FOCUS TRUST, INC.</b></font></p>
<p><font face="Serif" size="2">BY:<u> /s/ Charles M. Royce&#160;&#160;&#160;&#160;&#160;</u><br> &#160;&#160;&#160;&#160;&#160; <b>Charles M. Royce<br> &#160;&#160;&#160;&#160;&#160; President</b></font></p>
<p><font face="Serif" size="2">Date: February 28, 2005</font></p>
<p align="justify"><font face="Serif" size="2">Pursuant to the requirements of the Securities
 Exchange Act of 1934 and the Investment Company Act of 1940, this report has
 been signed below by the following persons on behalf of the registrant and in the
 capacities and on the dates indicated.</font></p>
<p><font face="Serif" size="2"><b>ROYCE FOCUS TRUST, INC.</b></font></p>
<p><font face="Serif" size="2">BY: <u>/s/ Charles M. Royce&#160;&#160;&#160;&#160;&#160;</u><br> &#160;&#160;&#160;&#160;&#160; <b>Charles M. Royce<br> &#160;&#160;&#160;&#160;&#160; President</b></font></p>
<p><font face="Serif" size="2">Date: February 28, 2005</font></p>
<p><font face="Serif" size="2"><b>ROYCE FOCUS TRUST, INC.</b></font></p>
<p><font face="Serif" size="2">BY: <u>/s/ John D. Diederich&#160;&#160;&#160;&#160;&#160;</u><br> &#160;&#160;&#160;&#160;&#160; <b>John D. Diederich<br> &#160;&#160;&#160;&#160;&#160; Chief Financial
 Officer</b></font></p>
<p><font face="Serif" size="2">Date: February 28, 2005</font></p>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CODE ETH
<SEQUENCE>2
<FILENAME>focus-ex99code_eth.htm
<TEXT>
<html>
<body>
<p align="center"><font face="Serif" size="2"><b>EXHIBITS
</b></font></p>
<p><font face="Serif" size="2"><b>Item 11(a):</b></font></p>
<p align="right"><font face="Serif" size="2">September
 2003</font></p>
<p align="center"><font face="Serif" size="2"><b>CODE OF
 ETHICS</b></font></p>
<p align="center"><font face="Serif" size="2"><b>FOR COVERED
 OFFICERS OF THE ROYCE FUNDS</b></font></p>
<p align="justify"><font face="Serif" size="2">The Boards of Directors/Trustees of The
 Royce Fund, Royce Capital Fund, Royce Value Trust, Inc., Royce Micro- Cap Trust,
 Inc. and Royce Focus Trust, Inc. (each, a &#147;Fund&#148; and collectively, &#147;The
 Royce Funds&#148;) have adopted the following Code of Ethics (the &#147;Code&#148;) applicable to its President, Chief Financial Officer and Manager of Fund
Accounting (&#147;Covered Officers&#148;) of The Royce Funds to ensure the continuing
 integrity of financial reporting and transactions. The names of the Covered Officers
 covered by the Code are listed on Schedule A hereto.</font></p>
<p><font face="Serif" size="2"><b>I.</b>&#160;&#160;&#160;&#160;&#160;<b><u>Separate Code</u></b></font></p>
<p align="justify"><font face="Serif" size="2">This Code is the sole code of ethics adopted
 by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002. The
 Funds&#146; and Royce &#038; Associates, LLC&#146;s (&#147;R&#038;A&#148;), the
 investment adviser to The Royce Funds, code of ethics under Rule 17j-1 under
 the Investment Company Act of 1940 (the &#147;Investment Company Act&#148;) are
 separate requirements applying to the Covered Officers and others, and are not
 part of this Code. In addition to this Code, the Investment Company Act, and
 the Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;) and rules promulgated
 thereunder contain numerous specific provisions designed to protect the Funds
 from conflicts of interest and overreaching. Any conduct by Covered Officers
 required by specific Investment Company Act or Advisers Act provisions or the
 rules thereunder is presumed to be in compliance with this Code. Each Covered Officer
 is accountable for his or her adherence to this Code. Any violation of this Code
 by a Covered Officer may result in disciplinary action, including immediate dismissal.</font></p>
<p><font face="Serif" size="2"><b>II.</b>&#160;&#160;&#160;&#160;&#160;<b><u>Requirements</u></b></font></p>
<p><font face="Serif" size="2">All Covered Officers must:</font></p>

<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="right" width="4%" valign="top"><font face="Serif" size="2">1.</font></td>
<td width="1%"><font face="Serif" size="2">&#160;</font></td>
<td><div align="justify"><font face="Serif" size="2">Engage
 in and promote honest and ethical conduct, including the ethical handling of actual
 or apparent conflicts of interest between personal and professional relationships;
</font></div></td>
</tr>

<tr>
<td colspan="2"><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="right" width="4%" valign="top"><font face="Serif" size="2">2.</font></td>
<td width="1%"><font face="Serif" size="2">&#160;</font></td>
<td><div align="justify"><font face="Serif" size="2">Act responsibly
 in producing and produce, full, fair, accurate, timely and understandable disclosure
 in reports and documents that the Funds file with, or submit to, the Securities
 and Exchange Commission (the &#147;SEC&#148;) and in other public communications
 made by each of the Funds;</font></div></td>
</tr>
<tr>
<td colspan="2"><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="right" width="4%" valign="top"><font face="Serif" size="2">3.</font></td>
<td width="1%"><font face="Serif" size="2">&#160;</font></td>
<td><div align="justify"><font face="Serif" size="2">Comply with applicable governmental laws, rules and regulations;</font></div></td>
</tr>
<tr>
<td colspan="2"><font face="Serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="right" width="4%" valign="top"><font face="Serif" size="2">4.</font></td>
<td width="1%"><font face="Serif" size="2">&#160;</font></td>
<td><div align="justify"><font face="Serif" size="2">
Promptly report suspected material violations of this Code, including violations of securities
 laws or other laws, rules and regulations applicable to a Fund, to R&#038;A&#146;s
 General Counsel and the Fund&#146;s Audit Committee.</font></div></td>
</tr>
</table>

<p align="justify"><font face="Serif" size="2">Each Covered Officer must act with integrity,
 including being honest and candid while still maintaining the confidentiality
 of information where required by law, and place the interests of The Royce Funds
 before the Covered Officer&#146;s own personal interests.</font></p>
<p align="justify"><font face="Serif" size="2">Each Covered Officer is required to familiarize
 himself or herself with the disclosure requirements applicable to each of the
 Funds and must not knowingly misrepresent or fail to disclose, or cause others to
 misrepresent or fail to</font></p>
<p align="center"><font face="Serif" size="2">&#160;</font></p>
<hr size="5" color="gray" noshade>
<br>
<page>
<p align="justify"><font face="Serif" size="2">disclose, material facts about a Fund to
 others, including but not limited to officers of and counsel to The Royce Funds,
 and their respective independent directors, independent auditors and governmental
 regulators.<br><br><b>III.&#160;&#160;&#160;&#160;&#160;<u>Avoidance of Conflicts</u><br><br></b>The overarching principle
 of this Code is that the personal interests of a Covered Officer should not be placed
 improperly before the interests of The Royce Funds. As a result, each Covered Officer
 must: (i) handle any actual or apparent conflict of interest in an ethical manner,
 (ii) not use his or her personal influence or personal relationships to influence
 investment decisions or financial reporting by a Fund whereby the Covered Officer
 would benefit personally (directly or indirectly) to the detriment of the Fund;
 (iii) not cause a Fund to take action, or fail to take action, for the personal
 benefit of the Covered Officer rather than the benefit of such Fund; and (iv) not
 use for his or her personal benefit (directly or indirectly) any material non-public
 knowledge pertaining to a Fund.<br><br>Although typically not presenting an opportunity
 for improper personal benefit, conflicts arise from, or as a result of, the contractual
 relationship between The Royce Funds and R&#038;A, of which the Covered Officers
 are also officers and/or employees. As a result, this Code recognizes that the Covered
 Officers will, in the normal course of their duties (whether formally for a Fund
 or for R&#038;A, or for both), be involved in establishing policies and implementing
 decisions that will have different effects on R&#038;A and the Fund. The participation
 of the Covered Officers in such activities is inherent in the contractual relationship
 between each of The Royce Funds and R&#038;A and is consistent with the performance
 by the Covered Officers of their duties as officers and/or employees of The Royce
 Funds. Thus, if performed in conformity with the provisions of the Investment Company
 Act and the Advisers Act, such activities will be deemed to have been handled ethically.
<br><br>The following conflict of interest situations must be disclosed by a Covered
 Officer to, and pre-approved in writing by, the General Counsel if material. Examples
 of these include:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="bottom"><font face="Serif" size="2">&#160;</font></td>
<td width="2%" valign="bottom" align="right"><font face="Serif" size="2"><b>&#149;</b></font></td>
<td width="2%"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Serif" size="2">service as
 a director on the board of any public company;</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="top" align="right"><font face="Serif" size="2"><b>&#149;</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Serif" size="2"><p align="justify"> any ownership
 interest in, or any consulting or employment relationship with, any of The Royce Funds&#146;
 service providers, other than its investment adviser, principal underwriter, administrator
 or any affiliated person thereof; or</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td><font face="Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Serif" size="2"><b>&#149;</b></font></td>
<td><font face="Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Serif" size="2"><p align="justify">a direct or
 indirect financial interest in commissions, transaction charges or spreads paid
 by any Fund for effecting portfolio transactions.</font></td>
</tr>
</table>
<p><font face="Serif" size="2"><b>IV.&#160;&#160;&#160;&#160;&#160;<u>Materiality</u><br><br></b><p align="justify">In the
 event a Covered Officer has any doubt as to (i) whether a suspected violation of
 this Code would be considered material, (ii) whether information relating to a Fund
 is of a material nature and therefore subject to public disclosure, (iii) whether
 non-public knowledge pertaining to a Fund is material in nature, or (iv) whether
 a particular conflict of interest is material, he or she should seek the advice
 of R&#038;A&#146;s General Counsel.<br><br><b>V.&#160;&#160;&#160;&#160;&#160;</b>	<b><u>Compliance and Annual Acknowledgment
</u><br><br><u></u></b>Each Covered Officer is required: (i) upon receipt of the Code,
 to sign and submit to R&#038;A&#146;s General Counsel an acknowledgment stating
 that he or she has received, read and understands the Code; (ii) annually thereafter
 to submit a statement to R&#038;A&#146;s General Counsel confirming that he or she
 has received, read and understands the Code and has complied with the requirements
 of the Code; (iii) not to retaliate against any employee subordinate to the Covered
 Officer for reports of potential violations that are made in good faith; and (iv)
 to notify R&#038;A&#146;s General Counsel, as appropriate, if the Covered Officer
 observes any irregularities or violations of this Code.</font></p>
<p align="center"><font face="Serif" size="2">&#160;</font></p>
<hr size="5" color="gray" noshade>
<br>
<page>
<p><font face="Serif" size="2"><b>VI.&#160;&#160;&#160;&#160;&#160;<u>Enforcement of the Code</u></b></font></p>
<p><font face="Serif" size="2"><p align="justify">The Royce Funds will adhere to the following
 procedures when investigating and enforcing this Code: (i) R&#038;A&#146;s General
 Counsel will take all appropriate action to investigate any potential violations
 reported to him or her; (ii) if R&#038;A&#146;s General Counsel determines that
 a violation has occurred, he or she will take all appropriate disciplinary or preventive
 action and inform the Fund&#146;s Board of Directors/Trustees of his or her decision;
 (iii) all changes to or waivers of this Code will, to the extent required, be disclosed
 on Form N-CSR or otherwise as required by SEC rules; and (iv) any waiver sought
 by the President of The Royce Funds will be considered by The Royce Funds&#146;
 Audit Committees prior to approval of the waiver.</font></p>
<p><font face="Serif" size="2"><b>VII.&#160;&#160;&#160;&#160;&#160;<u>Amendments</u></b></font></p>
<p><font face="Serif" size="2"><p align="justify">Except with respect to Schedule A hereto,
 which may be updated at any time, this Code may be amended only by the Board of
 Directors/Trustees of each Fund at a meeting of such Board duly called for that
 purpose.</font></p>
<p><font face="Serif" size="2"><b>VIII.&#160;&#160;&#160;&#160;&#160;<u>Confidentiality</u></b></font></p>
<p><font face="Serif" size="2"><p align="justify">All reports and records prepared or maintained
 pursuant to this Code will be considered confidential and will be maintained and
 protected accordingly. Except as otherwise required by law or this Code, such matters
 shall not be disclosed to anyone other than the appropriate Board and its counsel
 and R&#038;A and its affiliated persons.</font></p>
<p><font face="Serif" size="2"><b>IX.&#160;&#160;&#160;&#160;&#160;<u>Internal Use</u></b></font></p>
<p><font face="Serif" size="2"><p align="justify">The Code is intended solely for internal
 use by The Royce Funds and does not constitute the admission, by or on behalf of
 any Fund, as to any fact, circumstances or legal conclusion.<br><br>Date: September
 17, 2003</font></p>
<p align="center"><font face="Serif" size="2">&#160;</font></p>
<hr size="5" color="gray" noshade>
<br>
<page>

<p align="center"><font face="Serif" size="3"><b><u>SCHEDULE A</u></b></font></p>
<p align="center"><font face="Serif" size="2">Charles M.
 Royce<br>John D. Diederich<br>Mary Macchia</font></p>
</body>
</html>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>3
<FILENAME>focus_ex99cert.htm
<TEXT>
<html>
<body>
<p align="left"><font face="Serif" size="2"><b>Item 11(b):</b></font></p>
<hr size="2" color="gray" noshade>
<p align="center"><font face="Serif" size="3"><b><u>CERTIFICATIONS</u></b></font></p>

<p align="left"><font face="Serif" size="2">I, Charles M. Royce, certify that:</font></p>
<p align="justify"><font face="Serif" size="2">1.I have reviewed this report on Form N-CSR of Royce Focus Trust, Inc.;</font></p>
<p align="justify"><font face="Serif" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p align="justify"><font face="Serif" size="2">3. Based on my knowledge, the financial
 statements, and other financial information included in this report, fairly present
 in all material respects the financial condition, results of operations, changes
 in net assets, and cash flows (if the financial statements are required to include
 a statement of cash flows) of the registrant as of, and for, the periods presented
 in this report;</font></p>
<p align="justify"><font face="Serif" size="2">4. The registrant&#146;s other certifying
 officers and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the registrant and have:</font></p>
<p align="justify"><font face="Serif" size="2">a) designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p align="justify"><font face="Serif" size="2">b) designed such internal control over financial
 reporting, or caused such internal control over financial reporting to be designed
 under our supervision, to provide reasonable assurance regarding the reliability
 of financial reporting and the preparation of financial statements for external
 purposes in accordance with generally accepted accounting principles;</font></p>
<p align="justify"><font face="Serif" size="2">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p align="justify"><font face="Serif" size="2">d)disclosed in this report any change in
 the registrant&#146;s internal control over financial reporting that occurred during
 the second fiscal quarter of the period covered by this report that has materially
 affected, or is reasonably likely to materially affect, the registrant&#146;s internal
 control over financial reporting;</font></p>
<p align="justify"><font face="Serif" size="2">5. The registrant&#146;s other certifying
 officers and I have disclosed, based on our most recent evaluation, to the registrant&#146;s auditors and the audit committee of the registrant&#146;s board of directors
 (or persons performing the equivalent functions):</font></p>
<p align="justify"><font face="Serif" size="2">a) all significant deficiencies in the design
 or operation of internal control over financial reporting which are reasonably likely
 to adversely affect the registrant&#146;s ability to record, process, summarize,
 and report financial information; and<br><br>b) any fraud, whether or not material,
 that involves management or other employees who have a significant role in the registrant&#146;s internal control over financial reporting.<br><br>Date: February 28, 2005</font></p>




<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%"><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2"><u>&#160;&#160;&#160;/s/
 Charles M. Royce&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Charles M. Royce<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;President</font></td>
</tr>
</table>

<br>



<hr size="5" color="gray" noshade>
<br>
<page>
<p align="left"><font face="Serif" size="2">&#160;</font></p>
<hr size="2" color="gray" noshade>
<p align="center"><font face="Serif" size="3"><b><u>CERTIFICATIONS</u></b></font></p>

<p><font face="Serif" size="2">I, John D. Diederich, certify that:</font></p>
<p><font face="Serif" size="2">1. I have reviewed
 this report on Form N-CSR of Royce Focus Trust, Inc.;</font></p>
<p align="justify"><font face="Serif" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;<br><br>3. Based on my knowledge, the financial statements, and other
 financial information included in this report, fairly present in all material respects
 the financial condition, results of operations, changes in net assets, and cash
 flows (if the financial statements are required to include a statement of cash flows)
 of the registrant as of, and for, the periods presented in this report;<br><br>4. The
 registrant&#146;s other certifying officers and I are responsible for establishing
 and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c)
 under the Investment Company Act of 1940) and internal control over financial reporting
 (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant
 and have:<br><br>a) designed such disclosure controls and procedures, or caused such
 disclosure controls and procedures to be designed under our supervision, to ensure
 that material information relating to the registrant, including its consolidated
 subsidiaries, is made known to us by others within those entities, particularly
 during the period in which this report is being prepared;<br><br>b) designed such internal
 control over financial reporting, or caused such internal control over financial
 reporting to be designed under our supervision, to provide reasonable assurance
 regarding the reliability of financial reporting and the preparation of financial
 statements for external purposes in accordance with generally accepted accounting
 principles;<br><br>c) evaluated the effectiveness of the registrant&#146;s disclosure
 controls and procedures and presented in this report our conclusions about the effectiveness
 of the disclosure controls and procedures, as of a date within 90 days prior to
 the filing date of this report based on such evaluation; and<br><br>d) disclosed in
 this report any change in the registrant&#146;s internal control over financial
 reporting that occurred during the second fiscal quarter of the period covered by
 this report that has materially affected, or is reasonably likely to materially
 affect, the registrant&#146;s internal control over financial reporting;<br><br>5. The
 registrant&#146;s other certifying officers and I have disclosed, based on our most
 recent evaluation, to the registrant&#146;s auditors and the audit committee of
 the registrant&#146;s board of directors (or persons performing the equivalent functions):
<br><br>a) all significant deficiencies in the design or operation of internal control
 over financial reporting which are reasonably likely to adversely affect the registrant&#146;s ability to record, process, summarize, and report financial information;
 and<br><br>b) any fraud, whether or not material, that involves management or other
 employees who have a significant role in the registrant&#146;s internal control
 over financial reporting.<br><br>Date: February 28, 2005</font></p>



<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%"><font face="Serif" size="2">&#160;</font></td>
<td><font face="Serif" size="2"><u>&#160;&#160;&#160;/s/
 John D. Diederich&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u><br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;John D. Diederich<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Chief Financial Officer<br></font></td>
</tr>
</table>
</body>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>4
<FILENAME>focus_ex906cert.htm
<TEXT>
<html>
<body>
<p align="center"><font face="Serif" size="2"><b>CERTIFICATION PURSUANT
 TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT TO<br>SECTION 906 OF THE SARBANES-OXLEY
 ACT OF 2002</b></font></p>
<p><font face="Serif" size="2">Name of Issuer: ROYCE FOCUS TRUST, INC.</font></p>
<p><font face="Serif" size="2">In connection with the Report on Form N-CSR
 of the above-named issuer that is accompanied by this certification, the undersigned
 hereby certifies, to his knowledge, that:</font></p>
<p><font face="Serif" size="2">1. The Report fully complies with the requirements
 of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and</font></p>
<p><font face="Serif" size="2">2. The information contained in the Report
 fairly presents, in all materials respects, the financial condition and results
 of operations of the issuer.<br><br><i>Date: February 28, 2005</i></font></p>
<p align="right"><font face="Serif" size="2"><u>/s/ Charles M. Royce </u><br>Charles
 M. Royce<br> President&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</font></p>
<p align="center"><font face="Serif" size="2">&#160;</font></p>
<hr size="5" color="gray" noshade>
<br>
<page>
<p align="left"><font face="Serif" size="2">&#160;</font></p>
<hr size="2" color="gray" noshade>

<p align="center"><font face="Serif" size="2"><b>CERTIFICATION PURSUANT
 TO 18 U.S.C. SECTION 1350, <br>AS ADOPTED PURSUANT TO <br>SECTION 906 OF THE SARBANES-OXLEY
 ACT OF 2002</b></font></p>
<p><font face="Serif" size="2">Name of Issuer: ROYCE FOCUS TRUST, INC.<br><br>
In connection with the Report on Form N-CSR of the above-named issuer that is accompanied
 by this certification, the undersigned hereby certifies, to his knowledge, that:
<br><br>1. The Report fully complies with the requirements of Section 13(a) or 15 (d)
 of the Securities Exchange Act of 1934; and<br><br>2. The information contained in the
 Report fairly presents, in all materials respects, the financial condition and results
 of operations of the issuer.<br><br><i>Date: February 28, 2005</i></font></p>
<p align="right"><font face="Serif" size="2"><u>/s/ John D. Diederich&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </u><br> John D. Diederich&#160;&#160&#160;&#160;&#160;&#160;&#160;&#160;<br> Chief Financial Officer&#160;</font></p>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
