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<SEC-DOCUMENT>0000949377-05-000740.txt : 20050830
<SEC-HEADER>0000949377-05-000740.hdr.sgml : 20050830
<ACCEPTANCE-DATETIME>20050830142305
ACCESSION NUMBER:		0000949377-05-000740
CONFORMED SUBMISSION TYPE:	N-CSRS
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20050630
FILED AS OF DATE:		20050830
DATE AS OF CHANGE:		20050830
EFFECTIVENESS DATE:		20050830

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-CSRS
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05379
		FILM NUMBER:		051058349

	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-CSRS
<SEQUENCE>1
<FILENAME>e72789_focus.htm
<TEXT>
<html>
<body>
<p align="center"><font face="Times New Roman" size="2"><b>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br></b>Washington, D.C. 20549</font></p>
<p align="center"><font face="Times New Roman" size="2"><b>FORM N-CSR</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFIED SHAREHOLDER REPORT<br>
OF<br>REGISTERED MANAGEMENT INVESTMENT COMPANIES</b></font></p>
<p align="center"><font face="Times New Roman" size="2">Investment Company Act file
 number: 811-05379</font></p>
<p align="center"><font face="Times New Roman" size="2">Name of Registrant: Royce
 Focus Trust, Inc.</font></p>
<p align="center"><font face="Times New Roman" size="2">Address of Registrant: 1414
 Avenue of the Americas<br>New York, NY 10019</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="40%" valign="bottom" align="left"><font face="Times New Roman" size="2">Name and
 address of agent for service:</font></td>
<td width="5%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">John E.
 Denneen, Esquire</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">1414 Avenue
 of the Americas</font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">New York,
 NY 10019</font></td>
</tr>
</table>
<p align="center"><font face="Times New Roman" size="2">Registrant&#146;s telephone
 number, including area code: (212) 486-1445<br>Date of fiscal year end: December
 31<br>Date of reporting period: January 1, 2005 &#150; June 30, 2005</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 1: Reports to Shareholders</b></font></p>
<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="13%" colspan="2"><hr size="2" color="#004585"></td>
<td align="center" valign="middle"><font face="Serif" color="#004585" size="6">S <small>E M I A N N U A L</small> R <small>E P O R T</small></font></td>
<td width="13%"><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">2005</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 &#038; 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 in a limited number of primarily 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 micro-cap 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 <a href="#page_41">page 41</a>.<br><br></font>
</div></td>
<td width="1%" bgcolor="#bec1d9">&#160;</td>
</tr>
</table>
<br>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><a href="#page_2">Performance Table</a></b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#003D77" face="Sans-Serif"><b>2</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><a href="#page_3">Letter to Our Stockholders</a></b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>3</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><a href="#page_4">Royce Value Trust, Royce Micro-Cap Trust and Royce Focus Trust</a></i></font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>4</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><a href="#page_7">History Since Inception</a></b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>7</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><a href="#page_8">Royce Value Trust</a></i></b><br></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>8</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><a href="#page_21">Royce Micro-Cap Trust</a></i></b><br></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>21</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><a href="#page_33">Royce Focus Trust</a></i></b><br></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>33</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><a href="#page_41">Distribution Reinvestment and Cash Purchase Options</a></b><br></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>41</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><a href="#page_42">Other Important Information</a></b><br></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>42</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><a href="#page_43">Board Approval of Investment Advisory Agreements</a></b><br></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right">
<font color="#000000" face="Sans-Serif"><b>43</b>&#160;&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><hr size="1" color="#003D77" noshade></td>
</tr>
</table>
<table width="100%" border="0" cellspacing="0" cellpadding="0">
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><img src="lens.jpg" width="100%"></td>
</tr>
</table>
<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="1">&#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="1">&#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 June 30, 2005</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="30%" 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>Second Quarter 2005<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">1.54</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">0.38</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">-1.27</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">4.32</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>January-June 2005<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">-2.03</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">-1.39</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">-6.29</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">-1.25</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">8.56</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">8.01</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">9.48</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">9.45</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">12.22</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">14.08</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">17.65</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">12.81</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">11.99</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">14.07</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">16.63</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">5.71</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">13.22</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">14.14</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</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">9.91</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">12.37</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">13.81</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">12.51</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>
<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>Inception Date</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 colspan="2" bgcolor="#D8DCEB" valign="bottom" align="right"><font face=sans-serif size="2">11/26/86&#160;&#160;&#160;&#160;&#160;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<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;</font></td>
<td bgcolor="#D8DCEB"><font face=sans-serif size="2">&#160;</font></td>
<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;</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 align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td align="left"><font face=sans-serif size="2">&#160;</font></td>
<td 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>
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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 &#038; Associates, LLC assumed investment management responsibility.</font></p></td>
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<td colspan="13" align="left"><font face=sans-serif size="2"><b>
Royce Value Trust&#146;s 15-year NAV average annual total return for the period ended 6/30/05 was 13.08%.</b></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><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 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>
<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 June 30, 2005, 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 June 30, 2005 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. All publicly released material information is always disclosed by the Funds on
the website at www.roycefunds.com.<br>
<br>&#160;&#160;&#160;&#160;The Russell 2000, Nasdaq Composite, S&#038;P 500 and S&#038;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.</i></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 SEMIANNUAL REPORT 2005</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;In 2005&#146;s first half, large- and
small-cap stocks mirrored a performance pattern established in 2004 in which large-cap led during negative return
periods, while small-cap drove returns in upswings. The large-cap S&#038;P 500 outperformed the Russell 2000 from
 January through April, while the small-cap index was ahead in the rally that began on 4/28/05 and was still
pushing prices upward as of this writing. However, strong performance in the rally could not move the Russell 2000
ahead of the S&#038;P 500 for the year-to-date period ended 6/30/05: The Russell 2000 was down 1.3% versus a decline
of 0.8% for the S&#038;P 500, and a greater loss of 5.5% for the Nasdaq Composite.<br>
&#160;&#160;&#160;&#160;&#160;In 2003, micro-cap companies enjoyed a terrific year. The following year, high returns
came primarily from larger small-cap stocks. No comparable pattern has yet emerged in 2005, in spite of <i>The Royce
Funds&#146;</i> three closed-end funds generally underwhelming year-to-date results. Energy stocks were the clear-cut
winners in the small-cap universe through the end of June. In <i>The Royce Funds&#146;</i> closed-end portfolios,
holdings in non-energy sectors in general produced modest gains or lost value, though there were a few notable
exceptions. As a result, Royce Value Trust and Royce Micro-Cap Trust struggled a bit in the short and intermediate
terms, which can be seen in each Fund&#146;s first-half and one-year returns. In fact, none of our closed-end funds
was able to beat the Funds&#146; small-cap benchmark, the Russell 2000, for the year-to-date period ended 6/30/05, and
only Royce Focus Trust outperformed the small-cap index for the one-year period ended 6/30/05 as well.
<br>&#160;&#160;&#160;&#160;&#160;Results for periods of three years or longer were solid (if not strong) on a
relative basis and very strong on an absolute basis. All three Funds were ahead of the benchmark on a net asset
value (NAV) basis for the five-year period ended 6/30/05. The two closed-end Funds with sufficient history&#150;Royce
Value Trust and Royce Micro-Cap Trust&#150;also beat the Russell 2000 for the five- and 10-year periods ended 6/30/05
on both an NAV and a market price basis, while Royce Value Trust has been around long enough to have outperformed
the Russell 2000 for the 15-year period ended 6/30/05 on both a market price and NAV basis. The news was good from
a market cycle standpoint as well: Each of our closed-end Funds outperformed the small-cap index from its peak
on 3/9/00 through 6/30/05.
<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>
July 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="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE ROYCE FUNDS SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;3</font></td></tr>
</table>
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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>
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<td colspan="18" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="1">&#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 6/30/05</font></div></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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">
<b>For the year-to-date period ended 6/30/05, Royce Value Trust (RVT) was down 2.0% on a net asset value basis (NAV)
and down 3.6% on a market price basis, each return behind those of the Fund&#146;s two small-cap benchmarks, the
Russell 2000 (which was down 1.3%) and the S&#038;P 600 (which was up 1.8%) for the same period.</b> Although a
short-term period, the Fund&#146;s results were nonetheless disappointing. In the more bearish first
quarter, RVT was down 3.5% on an NAV basis and 5.2% on a market price basis, both results ahead of
the Russell 2000&#146;s (-5.3%), but behind that of the S&#038;P 600 (-2.1%). When stock prices began to recover
late in April, the Fund was unable to keep pace with its benchmarks. RVT was up 1.5% on an NAV basis
and 1.7% on a market price basis in the second quarter, while the Russell 2000 gained 4.3% and the
S&#038;P 600 was up 3.9%.<br>
&#160;&#160;&#160;&#160;&#160;The Fund&#146;s NAV performance over market-cycle and other long-term periods remained
strong on both an absolute and relative basis. From the small-cap market peak on 3/9/00 through 6/30/05, RVT
gained 75.0% versus 13.0% for the Russell 2000 and 56.0% for the S&#038;P 600. RVT was also competitive for the
period from the small-cap market trough on 10/9/02 through 6/30/05 with a gain of 99.3% versus 102.3% for the
Russell 2000 and 100.0% for the S&#038;P 600. In addition, the Fund outpaced each of its small-cap benchmarks on an
NAV basis for the five-, 10-, 15-year and since inception (11/26/86) periods ended 6/30/05, while on a market
price basis, RVT outperformed both benchmarks for these periods and the one- and three-year periods ended 6/30/05.
<b>RVT&#146;s average annual NAV total return since inception was 12.4%.</b>
<br>&#160;&#160;&#160;&#160;&#160;Technology companies bore the brunt of poor performance, with losses that more
than tripled that of the Fund&#146;s second worst-performing sector, Industrial Services. In fact, results for many of
the Fund&#146;s industrial-based holdings that helped to elevate performance in 2004 cooled off in the first half of
 2005, though they were not alone. In addition to losses in Technology, Industrial Services and Industrial Products,
four of the Fund&#146;s other eight sectors posted losses in the first half. The environment for tech issues improved
 marginally when the market as a whole rebounded, but the recovery was inconsistent and did little to lift the
performance of the Fund&#146;s Technology holdings as a group. Based on their valuations, however, we still liked the
long-term prospects for many of RVT&#146;s holdings in the sector at June 30. Throughout the portfolio, poor
performance owed more to a larger number of companies losing money in a down market than it did to exceptionally
difficult or catastrophic conditions in a particular sector or industry, even among Technology stocks. In some cases,
we added to existing positions, while in others we maintained our position because declining prices did not create
compelling bargains. There were also situations that led us to sell positions. Among the Fund&#146;s bright spots
in the first half were retail store stocks in the Consumer Services sector, insurance companies within Financial
Intermediaries, Health stocks as a whole, and Natural Resources holdings, particularly oil and natural gas companies.
<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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<td valign="bottom" bgcolor="#D8DCEB" colspan="6"><div style="margin-left:10px; text-indent:-10px"><font color="#003D77" face="Sans-Serif" size="2">Second Quarter 2005</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">1.54</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
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<td bgcolor="#D8DCEB" colspan="9" valign="middle"><hr size="1" color="#ffffff" noshade></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">January - June 2005</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">-2.03</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
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<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">8.56</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">12.22</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">11.99</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">13.22</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">13.08</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">12.37</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#160;</font></div></td>
<td width="5%" valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></div></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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">1.5</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">1.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Alliance
Capital<br>Management Holding L.P.</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">1.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">1.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">1.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">1.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Cimarex Energy</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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Coherent</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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Endo Pharmaceuticals 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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Carbo Ceramics</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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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">23.2</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">19.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">11.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">10.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">10.1</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">10.1</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">9.5</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">6.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">0.3</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Diversified Investment<br>Companies</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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">3.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Bonds &#038; Preferred Stocks</font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">0.2</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">3.1</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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 SEMIANNUAL REPORT 2005</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<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">
<b>Royce Micro-Cap Trust (RMT) was down 1.4% on a net asset value basis
(NAV) and down 4.7% on a market price basis for the year-to-date period
ended 6/30/05. On an NAV basis, the Fund was only slightly behind its
small-cap benchmark, the Russell 2000, which lost 1.3% for the same
period, though its market price return trailed by a wider margin.</b> The Fund&#146;s
results were disappointing, though short-term time periods, whether good or
bad, are not a matter that generally raises great concern with us. RMT was down 1.8% on an
NAV basis and down 8.4% on a market price basis in the first quarter versus a decline of 5.3%
for the Russell 2000. In the short-term rally that began late in April and gave many stocks
positive second-quarter returns, the Fund did not participate to the same degree as its small-cap
benchmark. RMT was up 0.4% on an NAV basis and 4.0% on a market price basis in the
second quarter, while the Russell 2000 gained 4.3%.<br>
&#160;&#160;&#160;&#160;&#160;However, an underwhelming six months did not adversely affect RMT&#146;s strong NAV
performance over market-cycle and other long-term periods. From the small-cap market peak
on 3/9/00 through 6/30/05, RMT gained 86.5% versus 13.0% for the Russell 2000. While
outperformance of the small-cap index from a market high is not unusual for a value-oriented
portfolio, beating the Russell 2000 from a market low is less likely. We were thus very pleased
that RMT outpaced its benchmark for the period from the small-cap market trough on
10/9/02 through 6/30/05, with a gain of 115.8% versus 102.3% for the Russell 2000. In
addition, the Fund outperformed its small-cap benchmark on an NAV basis for the three-,
five-, 10-year and since inception (12/14/93) periods ended 6/30/05, while on a market price
basis, RMT outperformed the Russell 2000 for each of these periods as well as for the one-year
period ended 6/30/05. <b>RMT&#146;s average annual NAV total return since inception was 13.8%.</b>
<br>&#160;&#160;&#160;&#160;&#160;Although five of the Fund&#146;s 10 sectors posted losses in the first half, Technology was hardest hit as a group. Losses on a dollar basis for holdings in that sector were more than three times
that of the next poorest-performing group, Industrial Services. While unwelcome, it was not
entirely surprising to see the Fund&#146;s Tech issues struggle. The sector was not only the Fund&#146;s
best performing area in 2003&#150;a very strong year for micro-cap stocks in general&#150;but was
also profitable on a dollar basis in 2004, so some give-back seemed inevitable. In addition,
Technology was the Fund&#146;s largest sector at June 30, as it was at the end of 2003 and 2004, so
it makes sense that holdings in that area would have a significant impact on performance.
Throughout the portfolio, our practice during any down period is to look for what we think is
attractive value among stocks whose prices are falling, whether in new or existing positions. In
the first half, we did increase our stake in certain positions that declined in value, while in
others we chose to maintain our position because we did not see the kind of bargains that
would have made additional purchases seem wise. We built positions in specialty chemical
producer and distributor Aceto Corporation and in technology products and services provider
PC Mall. At June 30, we also held good-sized positions in aerospace components maker
Lowrance Electronics, electronic components distributor Richardson Electronics and IT and
business consultant Computer Task Group.<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="1">&#160;</font></td>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="1">&#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 6/30/05</font></div></td>
</tr>
<tr height="25px">
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">Second Quarter 2005</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">0.38%</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">January - June 2005<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">-1.39&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">8.01&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">14.08&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">14.07&#160;&#160;&#160;</font></td>
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<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">14.14&#160;&#160;&#160;</font></td>
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<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">13.81&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" colspan="5"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="1">&#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="1">&#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="25px">
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" colspan="5"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="25px">
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="bottom"><font color="#003D77" face="Sans-Serif" size="2">Juno Lighting</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="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Sapient Corporation</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">1.4&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">1.4&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">1.3&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Transaction Systems<br>
Architects Cl. A</font></td>
<td bgcolor="#D8DCEB" valign="bottom" 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="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Excel Technology</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="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Covansys Corporation</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="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" colspan="5"><font face="Sans-Serif" size="1">&#160;</font><br></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#003D77" valign="bottom"><div style="border: solid 0 #fff; border-bottom-width:2px;"><font face="Sans-Serif" size="1">&#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="25px">
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">26.0%&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">15.6&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">15.2&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">14.4&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">10.4&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">5.9&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">5.8&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">5.2&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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="bottom" align="right" colspan="1"><font face="Sans-Serif" size="2">1.7&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Diversified Investment
<br>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="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">4.9&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Preferred Stock</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">0.4&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB" colspan="4" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Cash and Cash Equivalents</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right" colspan="1"><font face="Sans-Serif" size="2">14.3&#160;&#160;&#160;&#160;&#160;</font></td>
</tr>
<tr>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" colspan="5"><font face="Sans-Serif" size="1">&#160;</font><br><br></td>
</tr>
<tr>
<td valign="top" colspan="6"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" colspan="7" align="right"><font face="Sans-Serif" size="1" color="#144A87">THE ROYCE FUNDS SEMIANNUAL REPORT 2005&#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="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="1">&#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 6/30/05</font></div></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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">
<b>Royce Focus Trust (FUND) endured a dismal first half, with a decline of
6.3% on a net asset value (NAV) basis and a loss of 16.2% on a market price
basis for the year-to-date period ended 6/30/05, both results trailing its
small-cap benchmark, the Russell 2000, which lost 1.3% for the same
period.</b> The Fund struggled in the downdraft that lasted through the first
quarter until 4/28/05. In the first quarter, the Fund was down 5.1% on an
NAV basis and down 4.3% on a market price basis, then down another 6.5% and 9.5%,
respectively, in April. The likelihood of attaining positive first-half returns became impossible
when the Fund&#146;s respectable NAV results in May and June could not generate a positive
second-quarter return. (The Fund&#146;s market price results for May and June were negative.)
Short-term losses on both an NAV and market price basis were not entirely surprising in the
context of the portfolio&#146;s very strong returns in 2004 and 2003&#150;a snap-back of some kind
seemed inevitable. Of course, this does not mean that we were not disappointed. Negative
returns, even in the short term, are never something that we welcome, even though we
understand that at times they are probably unavoidable.<br>
&#160;&#160;&#160;&#160;&#160;The Fund&#146;s NAV returns were strong on both an absolute and relative basis
in the longer-term and market cycle periods ended 6/30/05. From the small-cap market peak on 3/9/00, FUND
soundly beat the Russell 2000, up 113.6% versus 13.0% for the small-cap index. The Fund also
outpaced the Russell 2000 from the small-cap market trough on 10/9/02, gaining 124.6% versus
102.3% for its benchmark. In addition, FUND was ahead of the Russell 2000 for the one-,
three-, five-year and since inception of our management (11/1/96) periods ended 6/30/05. <b>The
Fund&#146;s average annual NAV total return for the since inception period was 12.5%.</b>
<br>&#160;&#160;&#160;&#160;&#160;Eight of the Fund&#146;s nine equity sectors posted net losses in the first
half, with the most significant on a dollar basis coming from the Industrial Products, Industrial Services and
Financial Services sectors. In some cases, we took advantage of lower prices by buying additional
shares, such as in biotech firm Lexicon Genetics, which uses proprietary gene knockout
technology to treat disease. We liked both its new business partnerships and its progress toward
new treatments enough to build our position in May. We were also confident in the long-term
prospects for Dycom Industries, so we increased our stake in March. The company provides
contract engineering and construction services for the telecommunications and cable industries.
In May, it forecasted reduced fiscal fourth-quarter revenues (to end on 7/31/05), which caused
its stock to remain mostly underwater through the remainder of the first half.<br>
&#160;&#160;&#160;&#160;&#160;We continued to hold a good-sized position in Schnitzer Steel
Industries when its price began to slip after reaching record highs earlier in 2005. Low debt, growing
revenues and its status as
an established leader in a business with high barriers to entry&#150;scrap metal and recycling&#150;first
led us to the firm. Many forecasts for the domestic steel industry have been negative, which also
played a role in the sell-off. The difficulty of integrating a new acquisition was a factor in the
falling share price of eFunds Corporation. Still holding a high opinion of its fundamentals and
management, we held a sizeable position in this multi-service financial company that deals in
risk management, electronic transaction processing and ATM management.<br><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">Second Quarter 2005</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">-1.27</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">January - June 2005</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">-6.29</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">9.48</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">17.65</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">16.63</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">12.51</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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">&#134;</font></td>
<td colspan="8" valign="top"><div align="justify"><font face="Sans-Serif" size="1"><a name="page6_dagger"></a>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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#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="1">&#160;</font></div></td>
<td width="5%" valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#160;</font></td>
<td bgcolor="#D8DCEB"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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">5.7</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Athena Neurosciences<br>
Finance 7.25% Bond </font></td>
<td bgcolor="#D8DCEB" valign="bottom" align="right"><font face="Sans-Serif" size="2">4.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">4.1</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">3.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">3.0</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">2.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Glamis Gold</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">2.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Metal Management</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">2.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">2.5</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Endo Pharmaceuticals Holdings</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">2.5</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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">19.5</font></td>
<td bgcolor="#D8DCEB" valign="bottom"><font face="Sans-Serif" size="2">%</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">17.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">10.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">7.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">4.9</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td nowrap bgcolor="#D8DCEB" colspan="6" valign="top"><font color="#003D77" face="Sans-Serif" size="2">Finanical Intermediaries</font></td>
<td bgcolor="#D8DCEB" valign="top" align="right"><font face="Sans-Serif" size="2">4.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">3.7</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">3.4</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">1.7</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">15.6</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
</tr>
<tr>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#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">30.8</font></td>
<td bgcolor="#D8DCEB" valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#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="1">&#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 SEMIANNUAL REPORT 2005</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<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="#D8DCEB">
<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="23"><font face="Sans-Serif" size="2" color="#004585"><b>Royce Value
 Trust</b></font></td>
 </tr>
<tr>
<td width="8%" valign="bottom" align="right"><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 width="24%" 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 width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="4%" valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="4%" 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>
<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="4%" 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 width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="4%" valign="bottom" align="right"><font face="Sans-Serif" size="2">9,280</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="4%" 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>
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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">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>
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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">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
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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">15.374</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>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">128,955</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">139,094</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">2005</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Year-to-date
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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">18.341</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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>
<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="#D8DCEB">
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
6/30/05</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"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>21,922</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"><b>7,105</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"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>126,327</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>134,142</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="23"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
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</tr>
<tr>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Initial Purchase</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</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>
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<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>
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<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>
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<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
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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">9.518</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">39,320</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,788</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">2005</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Year-to-date
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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">13.642</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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="#D8DCEB">
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>6/30/05</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>2,868</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>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>38,775</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>39,808</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="23"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
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</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">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>
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</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>
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</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 $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>
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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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">15,639</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,794</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">5/6/05</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">2,669</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.340</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">320</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">2005</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Year-to-date
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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">9.059</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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="#D8DCEB">
<td valign="bottom" align="right"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
6/30/05</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>7,044</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>1,971</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>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>17,542</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2" color="#004585"><b>16,852</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" 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) distributions, the purchase price
 of distributions is a weighted average of the distribution reinvestment prices for
 the year.</font></p></td>
</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 for initial
 purchase and June 30, 2005, values are stated as of December 31 of the year indicated,
 after reinvestment of distributions.</font></td>
</tr>
</table>
<br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="6"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" colspan="7" align="right"><font face="Sans-Serif" size="1" color="#144A87">THE ROYCE FUNDS
 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;7</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_8"></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="#D8DCEB">
<td valign="middle" 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="1" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="left">
<tr>
<td><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"><b>SHARES</b></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="5%" 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="#004585"><b>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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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="#004585"><b>
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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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Apparel
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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">Columbia
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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>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,469,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jones
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,500</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">2,529,760</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">K-Swiss
 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">194,200</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">6,280,428</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">48,000</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">852,480</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">104,300</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">2,710,757</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Polo
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<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">6,466,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tandy
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,900</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">565,710</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Timberland
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,323,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tommy
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">109,600</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">1,508,096</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Warnaco
 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">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">744,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Weyco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">307,992</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,068,982</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">32,519,413</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Collectibles
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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">Action
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">321,100</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">2,832,102</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">The
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">524,200</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">933,076</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">47,200</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">141,128</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Topps
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">410,500</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">4,117,315</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">8,023,621</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Food/Beverage/Tobacco
 - 0.3%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hain
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,800</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">737,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hershey
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">709</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,595,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lancaster
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">16,900</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">725,348</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,057,698</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Home
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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">Chromcraft
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,200</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">494,130</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ethan
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">56,000</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">1,876,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Falcon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">601,100</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">12,022</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">La-Z-Boy</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">108,200</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">1,576,474</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Natuzzi
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">215,200</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">1,751,728</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,710,914</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Publishing
 - 0.7%</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">Journal
 Communications 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">80,200</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">1,347,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Scholastic
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<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">5,011,500</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,358,860</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Sports
 and Recreation - 1.3%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Callaway
 Golf 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">185,800</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">2,866,894</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Coachmen
 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">47,700</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">597,681</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">161,050</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">2,768,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nautilus</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">57,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oakley</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">275,000</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">4,683,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sturm,
 Ruger &#038; 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">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">251,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Thor
 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">48,000</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">1,508,640</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">12,733,015</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 Consumer Products - 2.3%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Blyth</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,700</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">412,335</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. 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">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">900,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dorel
 Industries 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">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">1,069,513</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fossil
 <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">150,900</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">3,425,430</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="#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">103,600</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">1,056,720</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Leapfrog
 Enterprises <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">224,700</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">2,539,110</font></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">166,000</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">6,467,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">RC2
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<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">5,838,378</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">21,708,846</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>Total</b></font>
 <font face="Sans-Serif" size="2">(Cost $64,578,176)</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">90,112,367</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<tr>
<td><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"><b>SHARES</b></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="5%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></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>Consumer
 Services &#150; 6.9%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Direct
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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">Collegiate
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,500</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">375,950</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="#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">126,050</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">2,363,438</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,739,388</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Leisure
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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">Carmike
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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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">644,280</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dover
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,800</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">885,768</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">4Kids
 Entertainment <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">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">417,480</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">GTECH
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,000</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">555,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gemstar-TV
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">201,100</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">721,949</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hasbro</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">1,039,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Steiner
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,800</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">845,196</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,109,733</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
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 and Broadcasting - 0.1%</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">Cox
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<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">362,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Westwood
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,000</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">531,180</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">893,430</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">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>
</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">6,600</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">94,380</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CEC
 Entertainment <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">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">1,894,050</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IHOP
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">116,700</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">5,063,613</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jack
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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">75,840</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ryan&#146;s Restaurant Group <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">7,200</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">100,872</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,228,755</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">AnnTaylor
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,500</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">546,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">BJ&#146;s Wholesale Club <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">26,000</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">844,740</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Big
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">255,300</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">3,380,172</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CarMax
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<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">2,744,950</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Charlotte
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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">224,280</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Charming
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">494,400</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">4,612,752</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Claire&#146;s Stores</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">167,200</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">4,021,160</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="#page14_dagger">&#134;</a></sup>Cost Plus <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">26,000</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">648,440</font></td>
</tr>
<tr>
<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">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">2,263,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">GameStop
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52,300</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">1,710,733</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Krispy
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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">118,320</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Movie
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">41,000</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">1,083,630</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Neiman
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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">77,536</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>99 Cents Only Stores <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">85,000</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">1,080,350</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Payless
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">209,600</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">4,024,320</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stein
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">172,800</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">3,801,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Urban
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,500</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">2,466,015</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wet
 Seal (The) 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">162,000</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">1,099,170</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wild
 Oats Markets <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">82,000</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">938,900</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">35,686,368</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 Consumer Services - 1.5%</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">Corinthian
 Colleges <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">283,300</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">3,617,741</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MoneyGram
 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">217,100</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">4,150,952</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Sotheby&#146;s Holdings Cl. A <sup><a href="#page14_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">485,200</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">6,647,240</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">14,415,933</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>Total</b></font>
 <font face="Sans-Serif" size="2">(Cost $48,172,464)</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">66,073,607</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></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>
Diversified Investment Companies &#150; 0.1%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Closed-End
 Mutual Funds - 0.1%</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">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">176,500</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">935,450</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>Total</b></font>
<font face="Sans-Serif" size="2">(Cost $959,429)</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">935,450</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<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><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><br><br>
<br><br><br><br><br><br>
<br><br><br><br><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"><br>8&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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>
</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>JUNE 30, 2005 (Unaudited)</b></font>
<hr size="2" color="#004585" noshade><br></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="middle" align="left" colspan="16"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;</b></font></td>
</tr>
<tr>
<td valign="top" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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="48%" align="left">
<tr>
<td><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"><b>SHARES</b></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="5%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></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>
Financial Intermediaries &#150; 11.3%</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><font face="Sans-Serif" size="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="#004585">Banking
 - 3.5%</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">BOK
 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">129,327</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">5,964,561</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bankrate <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">503,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Citizens
 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">3,500</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">73,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Exchange
 National Bancshares</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">553,200</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="#page14_dagger">&#134;</a></sup>Eurobancshares <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">42,000</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">674,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Farmers &#038; Merchants Bank of Long Beach</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">1,266</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,121,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">First
 National Bank Alaska</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,130</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,707,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Heritage
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,300</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">270,108</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">HopFed
 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">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">392,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jefferson
 Bancshares</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">320,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mechanics
 Bank</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</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,620,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mercantile
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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">1,030,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NBC
 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">30,300</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">737,502</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NetBank</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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">652,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ocwen
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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">317,720</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Old
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,500</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">199,160</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oriental
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54,147</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">826,283</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Partners
 Trust Financial 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">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">1,388,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sun
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">39,900</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">824,733</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tompkins
 Trustco</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">692,230</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Whitney
 Holding</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">1,321,515</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wilber
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,700</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">381,034</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wilmington
 Trust</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">31,000</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">1,116,310</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Yadkin
 Valley Bank &#038; Trust 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">3,800</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">55,100</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">33,743,256</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">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">Alleghany
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,880</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,231,360</font></td>
</tr>
<tr>
<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">187,000</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">4,317,830</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aspen
 Insurance Holdings</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">68,000</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">1,874,080</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Baldwin
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,200</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">535,020</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Commerce
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,500</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">2,763,895</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">139,900</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">7,589,575</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IPC
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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">1,069,740</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Leucadia
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">77,250</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">2,984,168</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Markel
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,200</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">1,423,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Montpelier
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<td><font face="Sans-Serif" size="1">&#160;</font></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">2,662,660</font></td>
</tr>
<tr>
<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">85,200</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">1,989,420</font></td>
</tr>
<tr>
<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">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">2,876,224</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ohio
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">187,000</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">4,521,660</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Philadelphia
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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">2,966,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Phoenix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,900</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">974,610</font></td>
</tr>
<tr>
<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">76,070</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,176,683</font></td>
</tr>
<tr>
<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">166,551</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,200,416</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">RLI</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,724</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,447,690</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Transatlantic
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,500</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">307,010</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">21st
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,000</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">920,080</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.I.
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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">515,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wesco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,750</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">2,790,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Zenith
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,300</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">4,363,398</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">62,501,119</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Real
 Estate Investment Trusts - 0.1%</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">Gladstone
 Commercial</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">472,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sun
 Communities</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,400</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">758,676</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,231,476</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Securities
 Brokers - 1.0%</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">E*TRADE
 Financial <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">411,900</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">5,762,481</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">First
 Albany</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">144,000</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">858,240</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<tr>
<td><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"><b>SHARES</b></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="5%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Investment
 Technology Group <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">94,300</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">1,982,186</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Knight
 Capital Group Cl. A <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">129,700</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">988,314</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">9,591,221</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 Financial Intermediaries - 0.1%</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">Archipelago
 Holdings <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">17,400</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">678,426</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>Total</b></font>
<font face="Sans-Serif" size="2">(Cost $64,873,150)</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">107,745,498</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></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>
Financial Services &#150; 10.1%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Information
 and Processing - 2.9%</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">Advent
 Software <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">171,100</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">3,466,486</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">eFunds
 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">252,575</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">4,543,824</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">FactSet
 Research 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">117,750</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">4,220,160</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fair
 Isaac</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,300</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">2,346,950</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Global
 Payments</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">4,644,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Interactive
 Data</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">134,300</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">2,790,754</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SEI
 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">162,500</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">6,069,375</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">28,081,849</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Insurance
 Brokers - 1.2%</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">Crawford
 &#038; Company 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">329,200</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">2,195,764</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Crawford
 &#038; Company Cl. 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">60,300</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">447,426</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gallagher
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">111,200</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">3,016,856</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hilb
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">155,050</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">5,333,720</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">10,993,766</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
Investment Management - 5.3%</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"><b>
Alliance Capital Management Holding L.P.</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">239,100</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">11,175,534</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Apollo Investment</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">767,109</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,137,819</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">BKF
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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">284,325</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Eaton
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140,400</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">3,356,964</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Federated
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101,900</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">3,058,019</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Gabelli Asset Management 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">168,600</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">7,450,434</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MCG
 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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,357,040</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MVC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">310,900</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">3,109,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">National
 Financial Partners</font></p></td>
<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">665,380</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nuveen
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">138,600</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">5,214,132</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">50,808,647</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Other
 Financial Services - 0.7%</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">CharterMac</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,600</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">1,308,816</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Credit
 Acceptance <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">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">446,700</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>International Securities Exchange 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">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">1,255,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Municipal
 Mortgage &#038; Equity</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,300</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">1,229,327</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>Nasdaq Stock Market <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">471,500</font></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="#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">467,000</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">1,316,940</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Van
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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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">98,910</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">World
 Acceptance <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">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">652,085</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,779,778</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>Total</b></font>
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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">96,664,040</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></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>
Health &#150; 10.1%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">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 valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Covance
 <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">52,700</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">2,364,649</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>Dendrite International <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">78,000</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">1,076,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">First
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">560,900</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">2,876,856</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ICON
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,100</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">1,183,270</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IDEXX
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">92,300</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">5,753,059</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PAREXEL
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">282,700</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">5,611,595</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">215,200</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">3,014,952</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">21,880,781</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Drugs
 and Biotech - 3.5%</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">Abgenix
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">38,000</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">326,040</font></td>
</tr>
</table>
<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><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><br><br>
<br><br><br><br><br>
<br><br><br><br><br><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>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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;9</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 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="#D8DCEB">
<td valign="middle" 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="1" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="left">
<tr><td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></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"><b>
Health (continued)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Drugs
 and Biotech (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><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">Affymetrix <sup><a href="#page14_a">a</a></sup></font></p></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">59,100</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">3,187,263</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Andrx
 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><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">446,820</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Antigenics <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,300</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">537,213</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Applera
 Corporation-</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Celera
 Genomics Group <sup><a href="#page14_a">a</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">139,200</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">1,527,024</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cephalon <sup><a href="#page14_a">a</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">4,900</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">195,069</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cerus
 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><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">96,131</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Chiron
 Corporation <sup><a href="#page14_a">a</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">21,800</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">760,602</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
&#134;</sup></a>Connetics 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><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">1,340,640</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="#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">79,700</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">741,210</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Elan
 Corporation ADR<sup>a,b,d</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">312,100</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">2,128,522</font></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="#page14_a">a</a>,<a href="#page14_d">d</a></sup></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">318,200</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">8,362,296</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Eon
 Labs <sup><a href="#page14_a">a</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">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">91,920</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><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">1,208,150</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hi-Tech
 Pharmacal <sup><a href="#page14_a">a</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">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">1,099,170</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Human
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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">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">1,042,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lexicon
 Genetics <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">463,300</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">2,288,702</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Millennium
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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">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">927,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Orchid
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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">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">324,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Par
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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">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">1,272,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Perrigo
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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">171,750</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">2,394,195</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
&#134;</sup></a>QLT <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><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">817,970</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Shire
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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">20,853</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">683,978</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
&#134;</sup></a>Telik <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">96,000</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">1,560,960</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 colspan="2" valign="bottom"><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 valign="bottom" align="right"><font face="Sans-Serif" size="2">33,359,775</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 colspan="2" valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Health
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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">Accredo
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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">8,705</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">395,207</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Albany
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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">85,000</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">1,190,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Eclipsys
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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">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">281,400</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,150</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">538,479</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">HMS
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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">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">333,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Health
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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">27,400</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">717,332</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lincare
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">34,600</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">1,413,064</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mediware
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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">58,200</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">580,254</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MedQuist <sup><a href="#page14_a">a</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">73,893</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">960,609</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><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">243,798</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">497,500</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">2,477,550</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quovadx <sup><a href="#page14_a">a</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">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">8,280</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 colspan="2" valign="bottom"><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 valign="bottom" align="right"><font face="Sans-Serif" size="2">9,138,973</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 colspan="2" valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Medical
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Allied
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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">191,200</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">938,792</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">297,602</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,493,504</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ArthroCare
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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">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">349,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bruker
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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">390,200</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">1,556,898</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CONMED
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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">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">2,507,755</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Datascope</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">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">400,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Diagnostic
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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">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">1,183,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Invacare
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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">3,903,680</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Natus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">69,500</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">781,875</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Novoste
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,500</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">65,170</font></td>
</tr>
<tr>
<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">16,000</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">688,640</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">STERIS
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">167,100</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">4,306,167</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Thoratec
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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">30,680</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Varian
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">61,600</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">2,299,528</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Young
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,550</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">2,334,992</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Zoll
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,200</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">514,090</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 colspan="2" valign="bottom"><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 valign="bottom" align="right"><font face="Sans-Serif" size="2">31,354,621</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 colspan="2" valign="bottom"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<tr><td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Personal
 Care - 0.1%</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>
</tr>
<tr>
<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 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%" valign="bottom" align="right"><font face="Sans-Serif" size="2">500</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">9,695</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nutraceutical
 International <sup><a href="#page14_a">a</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">22,800</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">304,380</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">314,075</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>Total</b></font>
<font face="Sans-Serif" size="2">(Cost $72,945,879)</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">96,048,225</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Industrial Products &#150; 19.8%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Automotive
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Adesa</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">100,900</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">2,196,593</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CLARCOR</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">44,000</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">1,287,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gentex
 Corporation</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">137,600</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">2,504,320</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">LKQ
 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">188,000</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">5,104,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quantam
 Fuel Systems Technologies</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Worldwide <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><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">77,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Superior
 Industries International</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">49,000</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">1,161,300</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">12,330,913</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Building
 Systems and Components - 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><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">AZZ <sup><a href="#page14_a">a</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">25,600</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">442,880</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Decker
 Manufacturing</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">6,022</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">225,825</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Preformed
 Line Products Company</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">91,600</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">3,737,280</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">260,800</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">7,967,440</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Teleflex</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">12,800</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">759,936</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">13,133,361</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><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>
<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>
Ash Grove Cement Company Cl. B</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">50,518</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,931,326</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ElkCorp</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">34,000</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">970,700</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">104,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,654,072</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Heywood
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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">958,837</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,657,820</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Synalloy
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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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,501,750</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">21,715,668</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">AMETEK</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">86,000</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">3,599,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Barnes
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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">36,000</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">1,191,600</font></td>
</tr>
<tr>
<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">26,200</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">673,078</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">C
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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">345,700</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">3,176,983</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Donaldson
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">52,000</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">1,577,160</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Intermagnetics
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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">4,350</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">133,806</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PerkinElmer</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">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">2,551,500</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">92,400</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">1,743,588</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Valmont
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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">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">567,600</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">45,400</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">572,494</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">15,786,909</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><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><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>
Coherent <sup><a href="#page14_a">a</a></sup></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">238,500</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">8,588,385</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Federal
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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">58,600</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">914,160</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">GSI
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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">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">795,990</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Graco</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">96,825</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,298,828</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IDEX
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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">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">1,389,960</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">275,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,128,847</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">71,400</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">1,513,680</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nordson
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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">172,200</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">5,903,016</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PAXAR
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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">285,100</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">5,060,525</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pason
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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">116,400</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">2,023,604</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page14_dagger">&#134;</a></sup>Rofin-Sinar Technologies <sup><a href="#page14_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">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">4,428,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">T-3
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">338,610</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,325,150</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">UNOVA <sup><a href="#page14_a">a</a>,<a href="#page14_d">d</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">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">852,160</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Woodward
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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">73,600</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">6,184,608</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">53,406,913</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<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><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><br><br>
<br><br><br>
<br><br><br><br><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"><br>10&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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>JUNE 30, 2005 (Unaudited)</b></font>
<hr size="2" color="#004585" noshade><br></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="middle" align="left" colspan="16"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;</b></font></td>
</tr>
<tr>
<td valign="top" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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="48%" align="left">
<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" colspan="2" align="center"><font face="Sans-Serif" size="2">
<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">
<b>VALUE</b></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"><b>
Industrial Products (continued)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Metal
 Fabrication and Distribution - 2.2%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Commercial
 Metals Company</font></p></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%" valign="bottom" align="right"><font face="Sans-Serif" size="2">41,300</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">983,766</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CompX
 International Cl. A</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">302,300</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,063,525</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IPSCO</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">16,500</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">721,050</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kaydon
 Corporation</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">208,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,812,295</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Metal
 Management</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">138,400</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">2,678,040</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">127,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,611,628</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
&#134;</sup></a>Novamerican Steel <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">215,280</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oregon
 Steel Mills <sup><a href="#page14_a">a</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">166,400</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">2,863,744</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Schnitzer
 Steel Industries Cl. A</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">34,000</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">805,800</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 valign="bottom" colspan="3"><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="right"><font face="Sans-Serif" size="2">20,755,128</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 valign="bottom" colspan="3"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Paper
 and Packaging - 0.2%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Peak
 International <sup><a href="#page14_a">a</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">408,400</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">1,588,676</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 valign="bottom" colspan="3"><hr size="1" color="#000000" noshade></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,
 Valves and Bearings - 0.7%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Baldor
 Electric</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">62,900</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">1,529,728</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Conbraco
 Industries <sup><a href="#page14_a">a</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">7,630</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,632,820</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Franklin
 Electric</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">84,200</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,254,330</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 valign="bottom" colspan="3"><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="right"><font face="Sans-Serif" size="2">6,416,878</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 valign="bottom" colspan="3"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Specialty
 Chemicals and Materials - 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>
<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">Aceto
 Corporation</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">311,250</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">2,328,150</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bairnco
 Corporation</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">43,000</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">462,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Balchem
 Corporation</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">37,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,135,890</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="#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">99,000</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">1,905,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cabot
 Corporation</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">56,500</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">1,864,500</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">206,878</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,513,568</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lydall <sup><a href="#page14_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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">370,660</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
MacDermid</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">247,631</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7,716,182</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Schulman
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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">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">10,734</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sensient
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">453,420</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Spartech
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">765,400</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 valign="bottom" colspan="3"><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="right"><font face="Sans-Serif" size="2">19,526,504</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 valign="bottom" colspan="3"><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><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">Unifi <sup><a href="#page14_a">a</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">315,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,336,024</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 valign="bottom" colspan="3"><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><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>
Brady Corporation Cl. A</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">228,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,092,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Diebold</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">85,000</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">3,834,350</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Imagistics
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,204,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kimball
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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">437,380</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,773,416</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="#page14_a">a</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">262,085</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">30,499</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">381,238</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Peerless
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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">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>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,000</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">235,320</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Steelcase
 Cl. A</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">692,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Trinity
 Industries</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">864,810</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 valign="bottom" colspan="3"><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="right"><font face="Sans-Serif" size="2">22,640,219</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 valign="bottom" colspan="3"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>Total</b></font>
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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">188,637,193</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 valign="bottom" colspan="3"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Industrial Services &#150; 14.4%</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>
</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Interpublic
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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">510,000</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">6,211,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ValueClick <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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">246,600</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 valign="bottom" colspan="3"><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="right"><font face="Sans-Serif" size="2">6,458,400</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 valign="bottom" colspan="3"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Commercial
 Services - 5.3%</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><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">ABM
 Industries</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">134,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,628,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aaron
 Rents</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">4,500</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">112,005</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Administaff</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">12,000</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">285,120</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Allied
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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">188,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,497,184</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Brink&#146;s Company (The)</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">87,278</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,142,008</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<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" colspan="3" 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"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Carlisle
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<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%" valign="bottom" align="right"><font face="Sans-Serif" size="2">194,900</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="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,218,125</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Central
 Parking</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">75,800</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,042,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Collectors
 Universe <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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">271,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Convergys
 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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,720,620</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Copart <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">138,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,286,780</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Digital
 Theater 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">38,600</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">688,238</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Harsco
 Corporation</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">11,000</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">600,050</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hewitt
 Associates 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,000</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">1,564,090</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hudson
 Highland Group <sup><a href="#page14_a">a</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">61,098</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">952,518</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Iron
 Mountain <sup><a href="#page14_a">a</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">191,175</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5,930,248</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kelly
 Services Cl. A</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">429,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Learning
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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">53,400</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">641,868</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MPS
 Group <sup><a href="#page14_a">a</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">564,600</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">5,318,532</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Manpower</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,208,724</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Monster
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,265,720</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">96,600</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">338,090</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">77,500</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">685,875</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Renaissance
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">304,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Reynolds
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">729,810</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Rollins</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">130,500</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">2,615,220</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Spherion
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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">53,000</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">349,800</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,200</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">765,448</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Viad
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">87,550</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">2,481,167</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Watson
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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">59,300</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">1,519,859</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">West
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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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,880,000</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 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="right"><font face="Sans-Serif" size="2">50,473,609</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 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><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">Champion
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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">149,000</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">1,481,060</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dycom
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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">59,000</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">1,168,790</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">EMCOR
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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">21,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,031,790</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fleetwood
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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">234,300</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,378,145</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page14_dagger">&#134;</a></sup>Foster Wheeler <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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,081,300</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">174,300</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,794,029</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Jacobs
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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">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">562,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MasTec <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">108,000</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">950,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Washington
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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">109,000</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">5,572,080</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 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="right"><font face="Sans-Serif" size="2">17,020,194</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Food
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MGP
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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">216,400</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">1,796,120</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Seneca
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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">48,000</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">777,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Seneca
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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">6,500</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">105,625</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sunopta <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">84,000</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">477,120</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 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="right"><font face="Sans-Serif" size="2">3,156,465</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 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><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">Central
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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">3,799</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,199,621</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">310,400</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">11,965,920</font></td>
</tr>
<tr>
<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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,205,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Watsco</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">596,400</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 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="right"><font face="Sans-Serif" size="2">15,967,141</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Printing
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bowne
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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">68,100</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">984,726</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">62,700</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,136,124</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 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="right"><font face="Sans-Serif" size="2">2,120,850</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Transportation
 and Logistics - 3.8%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">AirNet
 Systems <sup><a href="#page14_a">a</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">219,000</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">921,990</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Alexander
 &#038; Baldwin</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</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,781,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Atlas
 Air Worldwide Holdings<sup><a href="#page14_a">a</a>,<a href="#page14_f">f</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,527,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">C.
 H. Robinson Worldwide</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,328,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Continental
 Airlines 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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,328,000</font></td>
</tr>
</table>
<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><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><br><br><br><br><br><br><br>
<br><br><br><br><br><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>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 SEMIANNUAL REPORT 2005&#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="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="middle" 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="1" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="left">
<tr><td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Industrial Services (continued)</b></font></p></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="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%"><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">Transportation
 and Logistics (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><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">EGL <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">188,125</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">3,822,700</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Forward
 Air</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">234,750</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">6,636,382</font></td>
</tr>
<tr>
<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="#page14_a">a</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">286,635</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,244,708</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="#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">134,000</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">3,356,700</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Landstar
 System <sup><a href="#page14_a">a</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">11,200</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">337,344</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pacer
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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">44,000</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">958,760</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101,300</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">5,158,196</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Swift
 Transportation 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,400</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">940,916</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">UTI
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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">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">2,436,700</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">35,778,896</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
 Industrial Services - 0.6%</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>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">117,900</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">6,120,189</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>Total</b></font>
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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">137,095,744</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Natural Resources &#150; 10.9%</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>
</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 - 4.2%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Atwood
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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">19,700</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">1,212,732</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Carbo Ceramics</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">105,600</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">8,338,176</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Core
 Laboratories <sup><a href="#page14_a">a</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">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">268,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ENSCO
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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">6,443</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="right"><font face="Sans-Serif" size="2">230,337</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Global
 Industries <sup><a href="#page14_a">a</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">119,500</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">1,015,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hanover
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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">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">1,841,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Helmerich &#038; Payne</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">173,900</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">8,159,388</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 <sup><a href="#page14_a">a</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">669,100</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">4,201,948</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Key
 Energy Services <sup><a href="#page14_a">a</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">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">120,650</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
&#134;</sup></a>Maverick Tube <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><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">745,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Precision
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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">31,000</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">1,223,880</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TETRA
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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">57,750</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">1,839,338</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tidewater</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">46,600</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">1,776,392</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,000</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">3,805,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">W-H
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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">41,000</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">1,022,130</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">265,600</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">3,803,392</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">39,604,113</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Oil
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
&#134;</sup></a>Bill Barrett <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><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">1,479,000</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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">592,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Cimarex Energy <sup><a href="#page14_a">a</a></sup></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">228,791</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,902,258</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Delta
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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">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">706,000</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><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">568,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Houston
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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">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">2,652,500</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><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">1,429,440</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pioneer
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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">82,800</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">1,263,528</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 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">2,718,045</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pogo
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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">1,700</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">88,264</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><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">2,802,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
SEACOR Holdings <sup><a href="#page14_a">a</a></sup></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">149,500</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">9,612,850</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stone
 Energy <sup><a href="#page14_a">a</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">19,000</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">929,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Whiting
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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">16,000</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">580,960</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">34,325,195</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Precious
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Agnico-Eagle
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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">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">730,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
&#134;</sup></a>Apex Silver Mines <sup><a href="#page14_a">a</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">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">267,930</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Arizona
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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">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">105,289</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aurizon
 Mines <sup><a href="#page14_a">a</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">187,000</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">188,870</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bema
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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">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">717,000</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<tr><td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><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"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Coeur
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<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%" valign="bottom" align="right"><font face="Sans-Serif" size="2">50,000</font></td>
<td width="3%"><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">181,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cumberland
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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">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">230,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Etruscan
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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">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">146,099</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gammon
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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">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">1,480,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Glamis
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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">262,000</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">4,509,020</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Golden
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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">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">418,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hecla
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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">648,000</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">2,954,880</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">IAMGOLD
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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">240,000</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">1,636,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kingsgate
 Consolidated</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">175,747</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">379,932</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">431,700</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">518,040</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Meridian
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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">128,500</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">2,313,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Metallica
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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">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">62,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Minefinders
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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">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">323,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Miramar
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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">245,000</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">281,750</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><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">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">Stillwater
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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">10,780</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">79,988</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">17,574,398</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 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"><p style="margin-left:10px; text-indent:-10px;">
Real Estate - 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>
<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">Alico <sup><a href="#page14_d">d</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">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">1,388,610</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CB
 Richard Ellis Group Cl. A <sup><a href="#page14_a">a</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">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">4,166,700</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Consolidated-Tomoka
 Land</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">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">1,166,504</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><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">1,127,160</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,848,974</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PICO
 Holdings <sup><a href="#page14_a">a</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">151,100</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">4,496,736</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>Total</b></font>
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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">103,849,416</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Technology &#150; 23.2%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><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>
<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">Allied
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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">70,600</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">1,625,212</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,500</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">1,326,935</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><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">474,220</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ducommun <sup><a href="#page14_a">a</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">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">1,981,852</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><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">36,480</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hexcel
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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">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">592,200</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><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">1,126,974</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Titan
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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">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">113,700</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,277,573</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 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><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">Adaptec <sup><a href="#page14_a">a</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">167,000</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">647,960</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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">3,566,808</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Analogic
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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">34,900</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">1,756,168</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><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">1,225,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Checkpoint
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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">110,000</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">1,947,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
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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">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">400,200</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><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">3,968,510</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Electro
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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">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">768,840</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
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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">32,000</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">673,280</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:13px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a href="#page14_dagger"><sup>
&#134;</sup></a>Energy Conversion Devices <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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">180,500</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">4,039,590</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><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">4,094,550</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><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">609,003</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><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">327,060</font></td>
</tr>
<tr>
<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></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">171,000</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">1,077,300</font></td>
</tr>
<tr>
<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><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">1,566,122</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Methode
 Electronics</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">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">593,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Metrologic
 Instruments <sup><a href="#page14_a">a</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">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">188,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nam
 Tai Electronics</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">44,000</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">1,000,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Neoware
 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><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">286,720</font></td>
</tr>
</table>
<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><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><br><br>
<br><br><br>
<br><br><br><br><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"><br>12&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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 colspan="16" valign="top" align="right"><font face="Sans-Serif" color="#003D77"><br><b>JUNE 30, 2005 (Unaudited)</b></font>
<hr size="2" color="#004585" noshade><br></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="middle" align="left" colspan="16"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;</b></font></td>
</tr>
<tr>
<td valign="top" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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="48%" align="left">
<tr>
<td><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"><b>SHARES</b></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="5%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></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>
Technology (continued)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Components
 and Systems (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>
</tr>
<tr>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,119,194</font></td>
</tr>
<tr>
<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">2,698,346</font></td>
</tr>
<tr>
<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">366,700</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">5,218,141</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Power-One
 <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">63,100</font></td>
</tr>
<tr>
<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">84,383</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">540,048</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Radiant
 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">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">370,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SafeNet
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,240</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">1,234,334</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">41,000</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">972,930</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Symbol
 Technologies</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">96,700</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">954,429</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TTM
 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">253,600</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">1,929,896</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Technitrol</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">363,400</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">5,134,842</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tektronix</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">109,680</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,552,254</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Vishay
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">288,000</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">3,418,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Western
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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">67,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Zebra
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,525</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,351,030</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">59,361,335</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Distribution
 - 1.7%</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>
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<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Agilysys</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,125</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">2,592,462</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">Anixter
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,557,423</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">Arrow
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">77,700</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,110,332</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">Avnet
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,179,558</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">Benchmark
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">165,800</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">5,043,636</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">Tech
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">104,500</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">3,825,745</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">16,309,156</font></td>
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<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 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>
<td><font face="Sans-Serif" size="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>Arbinet-thexchange <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>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CNET
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,824,396</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">CryptoLogic</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">172,000</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">5,161,720</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">CyberSource
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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">73,100</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">DoubleClick
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<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">1,524,463</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>eResearch 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">189,000</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">2,530,710</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lionbridge
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<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">254,250</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">185,400</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">921,438</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">S1
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<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">94,200</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">520,000</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>SupportSoft <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">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">467,100</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">13,471,877</font></td>
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<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 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>
</tr>
<tr>
<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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,325,250</font></td>
</tr>
<tr>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">649,000</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">4,757,170</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,000</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">1,663,800</font></td>
</tr>
<tr>
<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">631,600</font></td>
</tr>
<tr>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">106,700</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">643,401</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CIBER
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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">79,800</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101,100</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">364,971</font></td>
</tr>
<tr>
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">258,900</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">3,326,865</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">80,400</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">908,520</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">92,300</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,645,709</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">288,000</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">3,058,560</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">443,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6,069,100</font></td>
</tr>
<tr>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">145,900</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">5,148,811</font></td>
</tr>
<tr>
<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">2,347,722</font></td>
</tr>
<tr>
<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">731,700</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">5,802,381</font></td>
</tr>
<tr>
<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">2,380,455</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Unisys
 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">375,000</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">2,373,750</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">43,527,865</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<tr>
<td><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"><b>SHARES</b></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="5%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">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>
<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">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="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">299,628</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">202,700</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">5,876,273</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CEVA
 <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">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">185,563</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cognex
 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">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">3,100,896</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">19,288</font></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></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">485,080</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">382,075</font></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></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">2,745,050</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">247,700</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">3,688,253</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; 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">755,200</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">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">490,032</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Integrated
 Circuit 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">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">1,548,000</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>International Rectifier <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">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">954,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Intevac
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,450</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">601,501</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kulicke
 &#038; Soffa Industries <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">105,800</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">836,878</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lattice
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<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">1,127,760</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MEMC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">74,000</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">1,166,980</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">170,200</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">1,744,550</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">National
 Semiconductor</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,400</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">1,683,092</font></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">296,520</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>Sanmina-SCI 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">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">1,203,400</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="#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">477,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Silicon
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">268,900</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">1,083,667</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Staktek
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">144,800</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">434,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Veeco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,000</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">1,058,200</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">32,243,686</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">
Software - 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: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">710,200</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">140,920</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">4,193,140</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">539,150</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Compuware
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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">71,900</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">HPL
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">609,750</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">335,362</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">iPass
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">222,100</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">1,345,926</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">JDA
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<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">1,136,862</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MRO
 Software <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">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">672,060</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Macromedia
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,600</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">1,972,152</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>Majesco Entertainment 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">189,400</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">1,238,676</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">119,400</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">3,706,176</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">87,576</font></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">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">496,000</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">919,575</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SPSS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">179,600</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">3,450,116</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">1,515,710</font></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">5,249,885</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">27,781,386</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Telecommunications
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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">ADTRAN</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">67,500</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">1,673,325</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Broadwing
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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">4,620</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Captaris
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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">207,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Catapult
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">75,100</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">1,281,206</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">49,000</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>Ditech 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">86,000</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">558,140</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Foundry
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">292,500</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">2,524,275</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Globecomm
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<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">1,404,537</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">331,000</font></td>
</tr>
</table>
<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><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><br><br>
<br><br><br><br>
<br><br><br><br><br><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>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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;13</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 width="50%" valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE VALUE TRUST</b></font></td>
<td width="50%" valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005 (Unaudited)</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="#D8DCEB">
<td valign="middle" align="left" colspan="2"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Schedule
 of Investments</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="48%" align="left">
<tr>
<td><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"><b>SHARES</b></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="5%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></font></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>
Technology (continued)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Telecommunications
 (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>
</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></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 valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">526,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ITT
 Educational Services <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">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">6,036,460</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">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">406,000</font></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">20,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">North
 Pittsburgh 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">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">244,500</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>,<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">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">91,728</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Powerwave
 Technologies <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">16,700</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">170,674</font></td>
</tr>
<tr>
<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">137,300</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">4,567,971</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Time
 Warner Telecom 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">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">1,059,680</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tollgrade
 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">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">150,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">21,306,516</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>Total</b></font>
 <font face="Sans-Serif" size="2">(Cost $180,899,003)</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">221,279,394</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></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>
Utilities &#150; 0.3%</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><font face="Sans-Serif" size="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">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">2,164,035</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Southern
 Union <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">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">270,664</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>Total</b></font>
 <font face="Sans-Serif" size="2">(Cost $2,127,416)</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">2,434,699</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></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>
Miscellaneous &#150; 3.2%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>Total</b></font>
 <font face="Sans-Serif" size="2">(Cost $29,545,813)</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">30,018,795</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></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>
TOTAL COMMON STOCKS</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $812,718,627)</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">1,140,894,428</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></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>
PREFERRED STOCKS &#150; 0.1%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585">Aristotle
 Corporation 11.00% 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">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">41,962</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>Seneca Foods Conv. <sup><a href="#page14_a">a</a>,<a href="#page14_e">e</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">85,000</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">1,239,300</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>
TOTAL PREFERRED STOCKS</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $1,310,255)</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">1,281,262</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" 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>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
CORPORATE BONDS &#150; 0.1%</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>
</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>Athena Neurosciences Finance 7.25%</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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Senior
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<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000,000</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">930,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dixie
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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:30px; 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">445,000</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">427,200</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>
TOTAL CORPORATE BONDS</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $1,181,552)</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">1,357,200</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><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>
</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" colspan="2"><font face="Sans-Serif" size="2"><b>AMOUNT</b></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="5%" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
U.S. TREASURY OBLIGATIONS &#150; 1.3%</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">U.
 S. Treasury Notes</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">5.625%,
 due 2/15/06</font></p></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">12,000,000</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">12,165,468</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 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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
TOTAL U.S. TREASURY OBLIGATIONS</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $12,264,981)</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">12,165,468</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 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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
REPURCHASE AGREEMENT &#150; 1.6%</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>
</tr>
<tr>
<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,</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">2.55%
 dated 6/30/05, due 7/1/05,</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>
<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">maturity
 value $14,861,053</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(collateralized
 by obligations of various</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">U.S.
 Government Agencies,</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">valued
 at $15,232,952)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $14,860,000)</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">14,860,000</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
COLLATERAL RECEIVED FOR SECURITIES LOANED &#150; 4.6%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">U.S.
 Treasury Bills</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">due
 9/15/05</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>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9</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">U.S.
 Treasury Bonds</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">5.25%-10.625%
 due 8/15/15-5/15/30</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">23,980</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">U.S.
 Treasury Notes</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">1.625%-4.25%
 due 9/30/05-8/15/14</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">308,712</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">U.S.
 Treasury Strip-Principal</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">9.875%
 due 11/15/15</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">6,756</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">Money
 Market Funds</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>
</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>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">43,368,667</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 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 $43,708,124)</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">43,708,124</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
TOTAL INVESTMENTS &#150; 127.5%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $886,043,539)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,214,266,482</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
LIABILITES LESS CASH</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>
</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; (4.4)%</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">(41,613,612</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
PREFERRED STOCK &#150; (23.1)%</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 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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>
<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="#004585"><b>
NET ASSETS APPLICABLE TO</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>
</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><font face="Sans-Serif" size="1">&#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>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>952,652,870</b></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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<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><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>
<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 June 30, 2005, 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="top" 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"><font face="Sans-Serif" size="2">A portion of these securities were on loan at June 30, 2005. Total
 market value of loaned securities at June 30, 2005 was $42,535,533.</font></td>
</tr>
<tr>
<td valign="top" 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">A security for which market quotations are no longer readily available represents 0.1% 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="bottom" align="left"><font face="Sans-Serif" size="2"><a name="page14_f"></a><sup>f</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 2005.</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 valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Bold indicates
 the Fund&#146;s largest 20 equity holdings in terms of June 30, 2005 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><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 $887,796,528.
 At June 30, 2005, net unrealized appreciation for all securities was $326,469,954,
 consisting of aggregate gross unrealized appreciation of $384,048,037 and aggregate
 gross unrealized depreciation of $57,578,083. 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 ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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>
</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>JUNE 30, 2005 (Unaudited)</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="#D8DCEB">
<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 $865,463,572)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,193,593,010</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 $5,719,967)</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">5,813,472</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>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 investments at value</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">1,199,406,482</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">Repurchase
 agreement (at cost and value)</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">14,860,000</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">Cash</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">904</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">Receivable
 for investments sold</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">10,315,375</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">Receivable
 for dividends and 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">1,061,210</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="#D8DCEB">
<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">1,225,643,971</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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>
LIABILITIES:</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Payable
 for collateral on loaned securities</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">43,708,124</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">Payable
 for investments purchased</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">7,590,668</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">Payable
 for investment advisory fee</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">1,146,378</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">Preferred
 dividends 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">288,449</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">Accrued
 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">257,482</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="#D8DCEB">
<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">52,991,101</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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>
PREFERRED STOCK:</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">5.90%
 Cumulative Preferred Stock &#150; $0.001 par value, $25 liquidation value per share;
 8,800,000 shares outstanding</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">220,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 Preferred Stock</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">220,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">952,652,870</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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>
ANALYSIS OF 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Common
 Stock paid-in capital &#150; $0.001 par value per share; 53,571,348 shares outstanding
 (150,000,000 shares authorized)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">642,294,436</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">Undistributed
 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">(1,055,736</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">Accumulated
 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">32,125,512</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
 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">328,222,943</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">Quarterly
 and accrued 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">(48,934,285</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="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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; $17.78)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">952,652,870</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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"><a name="page15_onestar"></a>*Investments
 at identified cost (including $43,708,124 of collateral on loaned securities)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">871,183,539</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>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="2"><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 SEMIANNUAL REPORT 2005&#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>SIX MONTHS ENDED JUNE 30, 2005 (Unaudited)</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="#D8DCEB">
<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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Income:</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">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 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="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">5,360,896</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">779,724</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">130,642</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="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 income</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">6,271,262</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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">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><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">6,710,439</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">261,412</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">129,039</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">61,073</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">52,475</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">25,125</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">87,435</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="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 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">7,326,998</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(1,055,736</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-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>
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS:</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>
</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><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">27,805,524</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">(2,298,095</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">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">(37,666,785</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="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12,159,356</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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 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">(13,215,092</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">(6,490,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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="right"><font face="Sans-Serif" size="2">(19,705,092</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-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 ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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_17"></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">&#160;</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="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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="#D8DCEB">
<td valign="bottom" align="center"><font face="Sans-Serif" size="1">&#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>Six months ended<br>6/30/05<br>(unaudited)</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>12/31/04</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"><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>
</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="3%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="Sans-Serif" size="2">(1,055,736</font></td>
<td width="3%" valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</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>
</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">25,507,429</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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>
</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">(37,666,785</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">87,658,900</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="#D8DCEB">
<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">(13,215,092</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">191,289,840</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">&#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">(12,980,000</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<a href="#page17_onestar">*</a></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">(6,490,000</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">&#150;</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="#D8DCEB">
<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">(6,490,000</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">(12,980,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(19,705,092</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">178,309,840</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">&#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">(78,920,089</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*</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">(42,155,836</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>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">(42,155,836</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">(78,920,089</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">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">21,209,369</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">21,209,369</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">(40,651,559</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">142,531,314</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>
<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 period</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">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><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>
</tr>
<tr>
<td valign="bottom" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">End
 of period (including undistributed net investment income (loss) of $(1,055,736) at
 6/30/05)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">952,652,870</font></td>
<td><font face="Sans-Serif" size="1">&#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">993,304,429</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>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2"><a name="page17_onestar"></a>*To
 be allocated to net investment income and capital gains at year end.</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>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#003D77" face="Sans-Serif" size="2"><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 SEMIANNUAL REPORT 2005&#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>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<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>
</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="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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 valign="bottom" colspan="3" align="center"><font face="sans-serif" size="2" color="#004585">
<b>Six months 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 valign="bottom" colspan="18" align="center"><font face="sans-serif" size="2" color="#004585">
<b>Years ended December 31,</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 valign="bottom" colspan="3" align="center"><font face="sans-serif" size="2" color="#004585">
<b>June 30, 2005</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" colspan="18"><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 valign="bottom" colspan="3" align="center"><font face="sans-serif" size="2" color="#004585">
<b>(unaudited)</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>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="right"><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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><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="25"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#004585"><b>
NET ASSET VALUE, BEGINNING OF PERIOD</b></font></p></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="8%" 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">18.95</font></td>
<td width="8%"><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">$</font></td>
<td width="3%" valign="bottom" align="right"><font face="sans-serif" size="2">17.03</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td width="3%" valign="bottom" align="right"><font face="sans-serif" size="2">13.22</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="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td width="4%" valign="bottom" align="right"><font face="sans-serif" size="2">17.31</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td width="3%" valign="bottom" align="right"><font face="sans-serif" size="2">16.56</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="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td width="3%" valign="bottom" align="right"><font face="sans-serif" size="2">15.77</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="25"><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>
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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">(0.02</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><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">(0.05</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">(0.02</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><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><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><font face="sans-serif" size="1">&#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="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3.81</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><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><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><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="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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><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><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><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><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><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="top" colspan="25"><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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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><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>
<td><font face="sans-serif" size="1">&#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">(0.03</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
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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">(0.26</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">(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><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><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><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" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Quarterly
 distributions<a href="#page18_star">*</a></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">(0.12</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><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">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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><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><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><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><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><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="#D8DCEB">
<td valign="top" colspan="25"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(0.38</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">3.47</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><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><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><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="top" colspan="25"><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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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><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">(0.07</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">(0.05</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">(0.13</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
 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">&#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">(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><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><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><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><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" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Quarterly
 distributions<a href="#page18_star">*</a></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">(0.80</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">&#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">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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">(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><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><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><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><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="top" colspan="25"><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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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><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><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><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><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">(0.16</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><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">(0.22</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><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" colspan="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><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><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">(0.16</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="25"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#004585"><b>
NET ASSET VALUE, END OF PERIOD</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="right"><font face="sans-serif" size="2">17.78</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">18.95</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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><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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">17.31</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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="#D8DCEB">
<td valign="top" colspan="25"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#004585"><b>
MARKET VALUE, END OF PERIOD</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">18.88</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">17.21</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">15.72</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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 bgcolor="#D8DCEB">
<td valign="top" colspan="25"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr height="22px;">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#004585"><b>
TOTAL RETURN <a href="#page18_a">(a)</a>:</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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">(3.6</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)%<a href="#page18_tstar">***</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">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><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><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><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><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
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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">(2.0</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)%<a href="#page18_tstar">***</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">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><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><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><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><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"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#004585"><b>
RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO</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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">1.57</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">%<a href="#page18_dstar">**</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">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><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><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><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><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><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">%<a href="#page18_dstar">**</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">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><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><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><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><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><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">%<a href="#page18_dstar">**</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">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><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">0.16</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><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><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
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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">(0.23</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)%<a href="#page18_dstar">**</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">(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><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><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">0.35</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><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"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#004585"><b>
SUPPLEMENTAL DATA:</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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">952,653</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">850,773</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">689,141</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">220,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">220,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">160,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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><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><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><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><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><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"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#004585"><b>
PREFERRED STOCK:</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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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><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><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><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><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><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><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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">133.26</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">121.68</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">132.68</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.00</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.00</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.00</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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%
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<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24.79</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.04</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">7.80%
 Cumulative</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">26.37</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">23.44</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">7.30%
 Tax-Advantaged Cumulative</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.53</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.82</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</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="top" colspan="25"><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="right"><font face="sans-serif" size="2"><a name="page18_a"></a>(a)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" 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"><a name="page18_b"></a>(b)</font></td>
<td><font face="sans-serif" size="1">&#160;</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 1.28%, 1.21%, 1.19%, 1.38%, 1.30% and 1.12% for the periods ended June 30,
 2005 and December 31, 2004, 2003, 2002, 2001 and 2000, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="sans-serif" size="2"><a name="page18_c"></a>(c)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" 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 1.62%, 1.82%, 1.65% and 1.51% 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"><a name="page18_d"></a>(d)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" 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>
<tr>
<td valign="top" align="right"><font face="sans-serif" size="2"><a name="page18_star"></a>*</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="sans-serif" size="2">To be allocated
 to net investment income and capital gains at year end.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="sans-serif" size="2"><a name="page18_dstar"></a>**</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="sans-serif" size="2">Annualized.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="sans-serif" size="2"><a name="page18_tstar"></a>***</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="sans-serif" size="2">Not annualized.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><font color="#003D77" face="Sans-Serif" size="1"><br>18&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</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>JUNE 30, 2005</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements (Unaudited)</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" rowspan="51" align="justify" width="48%"><div align="justify"><font color="#004585" face="sans-serif" size="2"><b>Summary of Significant Accounting Policies:</b></font><br>
<font face="sans-serif" size="2">&#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;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 color="#004585" face="sans-serif" size="2"><b>Valuation of Investments:</b></font>
<font face="sans-serif" size="2"><br>&#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 color="#004585" face="sans-serif" size="2"><b>Investment Transactions
 and Related Investment Income:</b></font><br>&#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.
<font color="#004585" face="sans-serif" size="2"><br><br><b>Expenses:</b></font><br>&#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 color="#004585" face="sans-serif" size="2"><b>Taxes:</b></font><br>&#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 fiscal year. The Schedule of Investments includes information
 regarding income taxes under the caption &#147;Income Tax Information&#148;.</font></div></td>
<td width="4%"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" rowspan="52" align="justify"><div align="justify"><font face="sans-serif" size="2">
<font color="#004585" face="sans-serif" size="2"><b>Distributions:</b></font><br>&#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 color="#004585" face="sans-serif" size="2"><b>Repurchase Agreements:</b></font><br>&#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 color="#004585" face="sans-serif" size="2"><b>Securities Lending:</b></font><br>&#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 color="#004585" face="sans-serif" size="2"><b>Capital Stock:</b></font><br>&#160;&#160;&#160;&#160;The Fund issued 1,155,458
 and 2,459,541 shares of Common Stock as reinvestment of distributions by Common Stockholders
 for the six months ended June 30, 2005 and the year ended December 31, 2004, respectively.<br>&#160;&#160;&#160;&#160;At
 June 30, 2005, 8,800,000 shares of 5.90% Cumulative Preferred Stock were outstanding.
 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. 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,</font></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE ROYCE FUNDS SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;19</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_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>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements (Unaudited) (continued)</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="48%" valign="top" rowspan="32" align="justify"><div align="justify"><font face="sans-serif" size="2">
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;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 Stockholders and could lead to sales of
 portfolio securities at inopportune times. The Fund has met these requirements since
 issuing the Preferred Stock.<br><br><font color="#004585" face="sans-serif" size="2"><b>Investment Advisory Agreement:</b></font><br>&#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 S&#038;P 600 SmallCap Index
 (&#147;S&#038;P 600&#148;).<br>&#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</font></div></td>
<td width="4%"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" rowspan="31" align="justify"><div align="justify"><font face="sans-serif" size="2">
investment performance of the Fund exceeds, or is exceeded by, the percentage change
 in the investment record of the S&#038;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&#038;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&#038;P 600 exceeds the investment performance
 of the Fund by 12 or more percentage points for the performance period.<br>&#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;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;For the six months ended June 30, 2005, the Fund accrued and
 paid Royce advisory fees totaling $6,710,439.<br><br><font color="#004585" face="sans-serif" size="2"><b>Purchases and Sales of Investment
 Securities:</b></font><br>&#160;&#160;&#160;&#160;For the six months ended June 30, 2005, the cost of purchases and proceeds
 from sales of investment securities, other than short-term securities and collateral
 received for securities loaned, amounted to $163,768,629 and $132,616,340, respectively.</font></div></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><b>Transactions
 in Shares of Affiliated Companies:</b></font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">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 six months ended June 30, 2005:</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="sans-serif" size="1" color="#004585">&#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="4" 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="left"><font face="sans-serif" size="2" color="#004585"><b>Affiliated
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<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>
<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="4" 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>6/30/05</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>6/30/05</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="34"><hr size="2" 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Falcon Products</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">941,600</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="5%" valign="bottom" align="right"><font face="sans-serif" size="2">197,736</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%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="center"><font face="sans-serif" size="2">&#150;</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">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="sans-serif" size="2">2,316,572</font></td>
<td width="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="sans-serif" size="2">(2,298,095</font></td>
<td width="1%" valign="bottom" align="left"><font face="sans-serif" size="2">)</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="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="center"><font face="sans-serif" size="2">&#150;</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%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="6%" valign="bottom" align="right"><font face="sans-serif" size="2">601,100</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="5%" valign="bottom" align="right"><font face="sans-serif" size="2">12,022</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">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">2,299,700</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<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">&#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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><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">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">3,415,500</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="center"><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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><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">3,501,750</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="34"><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 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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(2,298,095</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2">&#150;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,813,472</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="34"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><font color="#003D77" face="Sans-Serif" size="1"><br>20&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</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 width="50%" valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td width="50%" valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005 (Unaudited)</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="#D8DCEB">
<td valign="middle" align="left" colspan="2"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Schedule
 of Investments</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="48%" align="left">
<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="right"><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 height="20px;">
<td valign="top" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
COMMON STOCKS &#150; 106.7%</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><font face="Sans-Serif" size="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"><b>
Consumer Products &#150; 5.2%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Apparel
 and Shoes - 2.1%</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">Delta
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<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">146,400</font></td>
<td width="3%"><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">1,892,952</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="#page26_a">a</a>,<a href="#page26_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">0</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Steven
 Madden <sup><a href="#page26_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">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">257,520</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">76,600</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">68,940</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oshkosh
 B&#146;Gosh 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">37,000</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">961,630</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Skechers
 U.S.A. Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_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">142,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stride
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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">137,900</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">120,000</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">2,364,600</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,826,142</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 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>
</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">127,600</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">381,524</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">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">1,489,455</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,870,979</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CoolBrands
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,500</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">28,583</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Green
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,600</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">902,538</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nutrition
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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">24,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Reliv
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,000</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">388,500</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,344,021</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 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>
</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">65,554</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,280,270</font></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">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">122,800</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,403,070</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Educational
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,600</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">111,300</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Monaco
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,900</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">1,270,341</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">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">254,082</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,524,423</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Burnham
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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">25,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cobra
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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">71,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cross
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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">426,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">JAKKS
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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">576,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lazare
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<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">1,547,340</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
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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">37,200</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,683,440</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>Total</b></font>
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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">14,763,375</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Consumer Services &#150; 5.8%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Direct
 Marketing - 0.2%</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">J.
 Jill Group <sup><a href="#page26_a">a</a>,<a href="#page26_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">3,100</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">42,625</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="#page26_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">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">450,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ValueVision
 Media Cl. A <sup><a href="#page26_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">60,050</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">552,675</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Leisure
 and Entertainment - 0.2%</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">IMAX
 Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_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">248,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Multimedia
 Games <sup><a href="#page26_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">55,050</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Singing
 Machine Company (The) <sup><a href="#page26_a">a</a>,<a href="#page26_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">3,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">TiVo
 <sup><a href="#page26_a">a</a>,<a href="#page26_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">133,600</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">440,750</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Media
 and Broadcasting - 0.3%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Outdoor
 Channel Holdings <sup><a href="#page26_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">959,760</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<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="right"><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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Restaurants
 and Lodgings - 0.1%</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">Benihana
 Cl. A <sup><a href="#page26_a">a</a></sup></font></p></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">800</font></td>
<td width="3%"><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">11,440</font></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="#page26_a">a</a>,<a href="#page26_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">156,600</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="#page26_a">a</a>,<a href="#page26_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">163,620</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">331,660</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Retail
 Stores - 4.6%</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">Brookstone
 <sup><a href="#page26_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">50,625</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">955,800</font></td>
</tr>
<tr>
<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">35,500</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">1,574,070</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cache
 <sup><a href="#page26_a">a</a>,<a href="#page26_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">83,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Casual
 Male Retail Group <sup><a href="#page26_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">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">14,620</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cato
 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">71,850</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,483,702</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Charlotte
 Russe Holding <sup><a href="#page26_a">a</a>,<a href="#page26_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">19,000</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">236,740</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Conn&#146;s <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">538,340</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Deb
 Shops</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,900</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">576,503</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dress
 Barn (The) <sup><a href="#page26_a">a</a>,<a href="#page26_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">38,660</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">874,876</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gander
 Mountain Company <sup><a href="#page26_a">a</a>,<a href="#page26_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">3,300</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">37,620</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">La
 Senza 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">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">1,479,909</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Party
 City <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">552,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Shoe
 Carnival <sup><a href="#page26_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">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">239,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Stein Mart</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">173,900</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">3,825,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">United
 Retail Group <sup><a href="#page26_a">a</a>,<a href="#page26_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">60,600</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">466,620</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">12,939,060</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
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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">Ambassadors
 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">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">278,925</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ambassadors
 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">6,100</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">83,265</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Autobytel
 <sup><a href="#page26_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">96,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Rent-Way
 <sup><a href="#page26_a">a</a>,<a href="#page26_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">67,000</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">659,280</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,118,070</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>Total</b></font>
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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">16,341,975</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>Diversified
 Investment Companies &#150; 1.6%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Closed-End
 Mutual Funds - 1.6%</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"><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">3,163,830</font></td>
</tr>
<tr>
<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">1,256,100</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $4,055,600)</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">4,419,930</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Financial Intermediaries &#150; 5.9%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">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">Arrow
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<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">387,115</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bancorp
 (The) <sup><a href="#page26_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">51,380</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">896,067</font></td>
</tr>
<tr>
<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">683,400</font></td>
</tr>
<tr>
<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">133,603</font></td>
</tr>
<tr>
<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">915,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Meta
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">64,800</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">1,296,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Queen
 City Investments <sup><a href="#page26_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">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">785,892</font></td>
</tr>
<tr>
<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">465,003</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,562,380</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Insurance
 - 3.4%</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>
</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><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">76,100</font></td>
</tr>
<tr>
<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">713,481</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
First Acceptance <sup><a href="#page26_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">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">2,444,511</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Independence
 Holding</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,534</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">591,875</font></td>
</tr>
<tr>
<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">1,527,090</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Navigators
 Group <sup><a href="#page26_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">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">1,286,004</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PXRE
 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">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">1,845,196</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Quanta Capital Holdings <sup><a href="#page26_a">a</a>,<a href="#page26_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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">311,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wellington
 Underwriting</font></p></td>
<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">860,534</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">9,656,291</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<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><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><br><br><br>
<br><br><br><br><br><br>
<br><br><br><br><br><br><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>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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;21</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_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 MICRO-CAP 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="#D8DCEB">
<td valign="middle" 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="1" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="left">
<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="right"><font face="Sans-Serif" size="2"><b>SHARES</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td colspan="2" valign="bottom" align="center"><font face="Sans-Serif" size="2"><b>VALUE</b></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"><b>
Financial Intermediaries (continued)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Securities
 Brokers - 0.4%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">First
 Albany</font></p></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">45,000</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">268,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sanders
 Morris Harris 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">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">361,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stifel
 Financial <sup><a href="#page26_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">21,233</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">512,989</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,142,389</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
 Financial Intermediaries - 0.1%</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">Electronic
 Clearing House <sup><a href="#page26_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">174,000</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $10,627,292)</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">16,535,060</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Financial Services &#150; 1.7%</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><font face="Sans-Serif" size="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">Investment
 Management - 1.1%</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">Epoch
 Holding <sup><a href="#page26_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">218,300</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">938,690</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,073,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,011,690</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
 Financial Services - 0.6%</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">Clark</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,900</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">299,497</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
 <sup><a href="#page26_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">116,200</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">388,108</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MicroFinancial</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">47,400</font></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="#page26_a">a</a>,<a href="#page26_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">1,029,300</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,764,305</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $4,897,556)</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">4,775,995</font></td>
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<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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
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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:10px; text-indent:-10px;"><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 valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Discovery
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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">57,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">First
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">274,700</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">1,408,936</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ICON
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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">27,760</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="#page26_a">a</a>,<a href="#page26_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">2,409,790</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
TriZetto Group (The) <sup><a href="#page26_a">a</a>,<a href="#page26_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">183,300</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">2,568,033</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,471,719</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Drugs
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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">AXM
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">122,000</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">173,240</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Able
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">45,240</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Axonyx <sup><a href="#page26_a">a</a>,<a href="#page26_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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">BioSource
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">120,500</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">1,271,275</font></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">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">165,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cardiome
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">56,000</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">296,240</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cell
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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">310,300</font></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">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">403,130</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>CollaGenex Pharmaceuticals <sup><a href="#page26_a">a</a>,<a href="#page26_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">190,250</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">224,469</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">DUSA
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,800</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">277,140</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Emisphere
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">163,200</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">656,064</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">250,179</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">828,092</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Genitope
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<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">295,320</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">46,440</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hi-Tech
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">12,300</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">391,878</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hollis-Eden
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,000</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">325,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ImmunoGen
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">44,000</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">254,760</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Life
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,900</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">716,404</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
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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">100,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Matrixx
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<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">253,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Maxygen
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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">34,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Momenta
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">65,500</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">1,294,935</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">26,500</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">414,725</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><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">76,150</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Nastech Pharmaceutical Company <sup><a href="#page26_a">a</a>,<a href="#page26_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">3,700</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">52,651</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<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="right"><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"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nuvelo
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<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">52,000</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">401,960</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Oncolytics
 Biotech <sup><a href="#page26_a">a</a>,<a href="#page26_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">41,000</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">138,990</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Orchid
 Cellmark <sup><a href="#page26_a">a</a>,<a href="#page26_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">78,000</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">843,180</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Pharmacyclics <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">863,650</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SFBC
 International <sup><a href="#page26_a">a</a>,<a href="#page26_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">579,450</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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">35,700</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">96,600</font></td>
</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">163,300</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">601,761</font></td>
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<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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">12,725,194</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Health
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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">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">9,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Albany
 Molecular Research <sup><a href="#page26_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">700,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bio-Imaging
 Technologies <sup><a href="#page26_a">a</a>,<a href="#page26_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">41,400</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">129,168</font></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><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">59,750</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><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">464,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">HMS
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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">445,554</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Horizon
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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">1,169,500</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">500,220</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">21,400</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">260,864</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NovaMed
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,000</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">321,710</font></td>
</tr>
<tr>
<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">109,800</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">546,804</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quovadx
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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">13,800</font></td>
</tr>
<tr>
<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">588,060</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sun
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,000</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">326,400</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.
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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">191,800</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,727,790</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Medical
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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">Adeza
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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">373,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aksys
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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</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">199</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Allied
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<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">1,244,685</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Anika
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24,000</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">275,760</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Bruker
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">180,000</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">718,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Caliper
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,100</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">11,760</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Candela
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<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">564,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CONMED
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,900</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">120,003</font></td>
</tr>
<tr>
<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">EPIX
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">37,000</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">327,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Endologix
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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">33,825</font></td>
</tr>
<tr>
<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">112,200</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">1,473,186</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Kensey Nash <sup><a href="#page26_a">a</a>,<a href="#page26_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">846,720</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Medical
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">83,500</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">1,490,475</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Merit Medical Systems <sup><a href="#page26_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">3,550</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">54,706</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Molecular
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,500</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">551,565</font></td>
</tr>
<tr>
<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">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">1,790,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Neurometrix
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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">500,750</font></td>
</tr>
<tr>
<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">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">290,250</font></td>
</tr>
<tr>
<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">1,205,120</font></td>
</tr>
<tr>
<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">58,912</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Possis
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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">308,965</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quinton
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">38,800</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">311,952</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Schick
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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">562,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Synovis
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<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">183,540</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Utah
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,300</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">914,526</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Young Innovations</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">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">2,293,929</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">16,935,949</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Personal
 Care - 0.7%</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">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">56,140</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">532,769</font></td>
</tr>
<tr>
<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="#page26_a">a</a>,<a href="#page26_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">509,200</font></td>
</tr>
</table>
<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><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><br><br>
<br><br><br><br>
<br><br><br><br><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"><br>22&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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>
</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="16" valign="top" align="right"><font face="Sans-Serif" color="#003D77"><br><b>JUNE 30, 2005 (Unaudited)</b></font>
<hr size="2" color="#004585" noshade><br></td>
</tr>
<tr>
<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="middle" align="left" colspan="16"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;</b></font></td>
</tr>
<tr>
<td valign="top" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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="48%" align="left">
<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="right"><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="right"><font face="Sans-Serif" size="2"><b>VALUE</b></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"><b>
Health (continued)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Personal
 Care (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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lifeline
 Systems <sup><a href="#page26_a">a</a></sup></font></p></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">20,050</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">644,006</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nutraceutical
 International <sup><a href="#page26_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">267,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,952,975</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $32,084,613)</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">43,813,627</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Industrial Products &#150; 15.2%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Automotive
 - 0.8%</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:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>IMPCO Technologies <sup><a href="#page26_a">a</a>,<a href="#page26_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">35,500</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">170,755</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">LKQ
 Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_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">40,700</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">1,105,005</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Spartan
 Motors</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,800</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">30,184</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Strattec
 Security <sup><a href="#page26_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">3,300</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">179,718</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Wescast
 Industries 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">37,900</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">861,467</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,347,129</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Building
 Systems and Components - 2.3%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aaon
 <sup><a href="#page26_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">47,500</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">845,025</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Flanders Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_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">44,000</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">396,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Juno Lighting <sup><a href="#page26_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">92,200</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">3,971,054</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">LSI
 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">67,812</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">945,299</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Modtech
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">51,800</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">336,700</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,494,078</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Construction
 Materials - 1.5%</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">Ash
 Grove Cement 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">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">1,256,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Monarch
 Cement</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">50,410</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,134,225</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Synalloy
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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>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,735,650</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,125,875</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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 - 1.6%</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">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">62,000</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">567,300</font></td>
</tr>
<tr>
<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>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,351,294</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">C
 &#038; D Technologies</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,000</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">487,070</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Plug
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,370</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">9,385</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><font face="Sans-Serif" size="1">&#160;</font></td>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">949,161</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><font face="Sans-Serif" size="1">&#160;</font></td>
<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">35,845</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><font face="Sans-Serif" size="1">&#160;</font></td>
<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">451,104</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">II-VI
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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">367,800</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">Woodhead
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">4,345,059</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Alamo
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">28,500</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">532,095</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><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">932,238</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cascade
 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">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">346,000</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><font face="Sans-Serif" size="1">&#160;</font></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">1,081,850</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">36,100</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">576,156</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Keithley
 Instruments</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,000</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">215,740</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">LeCroy
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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">481,250</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><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">235,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MTS
 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">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">335,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mueller
 (Paul) 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">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">395,850</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><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">124,200</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">2,159,207</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,291,986</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Metal
 Fabrication and Distribution - 1.5%</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">Aleris
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,075</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">452,691</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Encore
 Wire <sup><a href="#page26_a">a</a>,<a href="#page26_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">173,850</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Haynes
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,800</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">233,910</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Insteel
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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">579,600</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><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">190,200</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">156,300</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">1,981,884</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<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="right"><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"><p style="margin-left:15px; text-indent:-10px;"><font face="Sans-Serif" size="2">
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<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">20,000</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">266,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;">
<font face="Sans-Serif" size="2">Oregon
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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">258,150</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><font face="Sans-Serif" size="1">&#160;</font></td>
<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">93,563</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,230,048</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Paper
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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">Mod-Pac
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<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">380,480</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CIRCOR
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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">690,760</font></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><font face="Sans-Serif" size="1">&#160;</font></td>
<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">72,259</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sun
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">47,400</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">1,724,886</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,487,905</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Specialty
 Chemicals and Materials - 2.1%</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"><b>
Aceto Corporation</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">291,169</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">2,177,944</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">American
 Pacific <sup><a href="#page26_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">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">288,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Balchem
 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">15,000</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">450,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CFC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,600</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">781,550</font></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><font face="Sans-Serif" size="1">&#160;</font></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">1,490,404</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NuCo2
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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">513,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Park
 Electrochemical</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">252,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,954,048</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Textiles
 - 0.1%</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">Fab
 Industries <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">112,800</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
 Industrial Products - 1.7%</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">Color
 Kinetics <sup><a href="#page26_a">a</a>,<a href="#page26_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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">532,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Eastern
 Company (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">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">624,075</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Harbin Electric <sup><a href="#page26_a">a</a>,<a href="#page26_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">34,500</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">109,710</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Maxwell
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">15,300</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">186,507</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Myers
 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">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">403,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Peerless
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">42,200</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Quixote
 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">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">715,765</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Raven
 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">73,000</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">1,709,660</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,893,067</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $28,123,269)</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">42,662,475</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Industrial Services &#150; 14.4%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Advertising
 and Publishing - 0.4%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MDC
 Partners Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_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">507,600</font></td>
</tr>
<tr>
<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">680,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,187,600</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Commercial
 Services - 5.8%</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">Administaff</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">237,600</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><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">1,095,520</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Anacomp
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">26,000</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">318,500</font></td>
</tr>
<tr>
<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">66,462</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Carlisle 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">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">2,437,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Collectors
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,000</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">52,560</font></td>
</tr>
<tr>
<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">28,650</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">719,688</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Edgewater
 Technology <sup><a href="#page26_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">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">79,591</font></td>
</tr>
<tr>
<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">1,952,014</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Geo
 Group (The) <sup><a href="#page26_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">51,200</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">1,282,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">iGATE
 Corporation <sup><a href="#page26_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">273,400</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">978,772</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kforce
 <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">465,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Management
 Network Group <sup><a href="#page26_a">a</a>,<a href="#page26_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">40,000</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">88,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NCO
 Group <sup><a href="#page26_a">a</a>,<a href="#page26_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">432,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">New
 Horizons Worldwide <sup><a href="#page26_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">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">461,987</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">RCM
 Technologies <sup><a href="#page26_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">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">340,472</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">RemedyTemp
 Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">736,320</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SM&#038;A <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">280,761</font></td>
</tr>
</table>
<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><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><br><br>
<br><br><br><br><br>
<br><br><br><br><br><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>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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;23</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 valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP 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="#D8DCEB">
<td valign="middle" 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="1" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="left">
<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="right"><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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Industrial Services (continued)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Commercial
 Services (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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Senomyx <sup><a href="#page26_a">a</a>,<a href="#page26_c">c</a></sup></font></p></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">42,000</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">693,420</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sykes
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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">474,000</font></td>
</tr>
<tr>
<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">49,000</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">575,260</font></td>
</tr>
<tr>
<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">56,700</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">1,345,491</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Westaff
 <sup><a href="#page26_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">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">1,268,750</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">16,383,128</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Engineering
 and Construction - 1.2%</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">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">19,000</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">125,020</font></td>
</tr>
<tr>
<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">227,850</font></td>
</tr>
<tr>
<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">1,287,209</font></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">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 valign="bottom" align="right"><font face="Sans-Serif" size="2">269,100</font></td>
</tr>
<tr>
<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">216,800</font></td>
</tr>
<tr>
<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">1,281,753</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,407,732</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Food
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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">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">730,816</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Omega
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,600</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">60,672</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">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">1,012,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Seneca Foods Cl. B <sup><a href="#page26_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">690,625</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Sunopta
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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">284,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,778,613</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></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
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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">Central
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,200</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">694,800</font></td>
</tr>
<tr>
<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">119,340</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lawson
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,500</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">756,990</font></td>
</tr>
<tr>
<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">625,551</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,196,681</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Printing
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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">Bowne
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,500</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">961,590</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Champion
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<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">96,350</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Courier
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22,950</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">881,510</font></td>
</tr>
<tr>
<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">175,764</font></td>
</tr>
<tr>
<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">38,900</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">972,500</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,087,714</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><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 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">180,000</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">757,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Atlas
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,500</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">633,750</font></td>
</tr>
<tr>
<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">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">1,857,339</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Frozen
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">92,000</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">1,041,440</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Hub
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">325,650</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Knight
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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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">510,930</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MAIR
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8,600</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">76,024</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Marten
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,400</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">71,366</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pacific
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<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">166,000</font></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">1,446,128</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
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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">94,490</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SCS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">33,000</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">587,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup><b>Universal Truckload Services <sup><a href="#page26_a">a</a>,<a href="#page26_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">154,200</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">2,604,438</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="#page26_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">86,900</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">10,259,655</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
 Industrial Services - 0.4%</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>
</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">1,105,683</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="#page26_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">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">47,300</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">1,152,983</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $26,939,510)</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">40,454,106</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<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="right"><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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Natural Resources &#150; 10.4%</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>
</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 - 3.4%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Calfrac
 Well Services</font></p></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">2,500</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">63,255</font></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">987,000</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="#page26_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">198,660</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dawson
 Geophysical <sup><a href="#page26_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">6,200</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">131,812</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="#page26_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">64,500</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">1,871,145</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Enerflex
 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">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">102,840</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">1,182,860</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">GulfMark
 Offshore <sup><a href="#page26_a">a</a>,<a href="#page26_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">67,550</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">1,844,790</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
 <sup><a href="#page26_a">a</a>,<a href="#page26_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">118,500</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">744,180</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lufkin
 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">17,800</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">640,444</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Seitel <sup><a href="#page26_a">a</a>,<a href="#page26_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">248,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Valley
 National Gases <sup><a href="#page26_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">30,100</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">459,025</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Willbros
 Group <sup><a href="#page26_a">a</a>,<a href="#page26_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">64,900</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">929,368</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">9,403,579</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Oil
 and Gas - 2.7%</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">ATP
 Oil &#038; Gas <sup><a href="#page26_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">29,300</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">685,620</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">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">2,229,448</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">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">92,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Edge
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,500</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">54,670</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gulfport
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">195,776</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">1,350,854</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">1,344,115</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Petrohawk
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">140,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pioneer
 Drilling Company <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">698,908</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pioneer
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">14,543</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">611,969</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Savanna
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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">39,483</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">VAALCO
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<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">356,380</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,603,847</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Precious
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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">Apex
 Silver Mines <sup><a href="#page26_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">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">1,045,614</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Aurizon
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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">50,500</font></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">221,030</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Cambior <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">119,900</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Cardero
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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">12,896</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Etruscan
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">575,900</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">841,381</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gammon
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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">188,440</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">616,560</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Metallica
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<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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Minefinders Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_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">40,000</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">184,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Nevsun
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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">9,600</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">161,500</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">395,675</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">NovaGold
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,400</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">102,242</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Spur
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9,350</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">13,279</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Western
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,800</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">102,660</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,115,377</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Real
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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"><b>
HomeFed Corporation <sup><a href="#page26_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">59,352</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,739,176</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
 <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">225,750</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,964,926</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
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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"><b>
PICO Holdings <sup><a href="#page26_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">97,100</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">2,889,696</font></td>
</tr>
<tr>
<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">1,173,150</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,062,846</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $12,920,500)</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">29,150,575</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<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><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><br><br>
<br><br><br><br><br><br><br>
<br><br><br><br><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"><br>24&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><b>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</b></font></td>
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<td colspan="2"><font face="Sans-Serif" size="1">&#160;</font></td>
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<td colspan="16" valign="top" align="right"><font face="Sans-Serif" color="#003D77"><br><b>JUNE 30, 2005 (Unaudited)</b></font>
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<td valign="bottom" colspan="16"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
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<td valign="middle" align="left" colspan="16"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;</b></font></td>
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<td valign="top" colspan="16"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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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</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="left">
<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="right"><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>
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<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Technology &#150; 26.0%</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>
</tr>
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<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Aerospace
 and Defense - 2.7%</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>
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<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Allied
 Defense Group (The) <sup><a href="#page26_a">a</a></sup></font></p></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">68,800</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">1,583,776</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Astronics
 Corporation <sup><a href="#page26_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">238,920</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Ducommun
 <sup><a href="#page26_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">1,428,895</font></td>
</tr>
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<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">973,856</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">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">24,160</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">435,363</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Herley
 Industries <sup><a href="#page26_a">a</a>,<a href="#page26_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">1,477,440</font></td>
</tr>
<tr>
<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">1,323,855</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">SIFCO
 Industries <sup><a href="#page26_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">167,170</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">7,629,275</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Components
 and Systems - 5.5%</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">Advanced
 Photonix Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_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">258,900</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">750,810</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Belden
 CDT</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">318,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CSP
 <sup><a href="#page26_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">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">1,008,842</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dot
 Hill Systems <sup><a href="#page26_a">a</a>,<a href="#page26_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">10,480</font></td>
</tr>
<tr>
<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="#page26_a">a</a>,<a href="#page26_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">124,900</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">3,035,070</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Fargo
 Electronics <sup><a href="#page26_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">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">499,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Giga-tronics
 <sup><a href="#page26_a">a</a>,<a href="#page26_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">3,200</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">11,712</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">InFocus
 Corporation <sup><a href="#page26_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">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">517,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">International
 DisplayWorks <sup><a href="#page26_a">a</a>,<a href="#page26_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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">256,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kronos
 <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">701,776</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">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">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">1,912,820</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Merix
 Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,950</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Metrologic
 Instruments <sup><a href="#page26_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">2,900</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">36,366</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Mobility
 Electronics <sup><a href="#page26_a">a</a>,<a href="#page26_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">1,000</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">9,150</font></td>
</tr>
<tr>
<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">15,600</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">146,640</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Neoware
 Systems <sup><a href="#page26_a">a</a>,<a href="#page26_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">2,600</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">26,624</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">OSI
 Systems <sup><a href="#page26_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">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">394,750</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Performance
 Technologies <sup><a href="#page26_a">a</a>,<a href="#page26_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">54,050</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">298,897</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Plexus
 Corporation <sup><a href="#page26_a">a</a>,<a href="#page26_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">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">377,095</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">Printronix</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,300</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">339,416</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">REMEC
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">59,006</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">377,633</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">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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,475,330</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">SafeNet
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">11,781</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">401,261</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">SimpleTech
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">197,200</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">755,276</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">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">761,000</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">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">665,742</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">WindsorTech
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">234,500</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">363,475</font></td>
</tr>
<tr>
<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">55,600</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">15,547,965</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><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">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">1,413,000</font></td>
</tr>
<tr>
<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">196,253</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Brightpoint
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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">621,320</font></td>
</tr>
<tr>
<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">92,944</font></td>
</tr>
<tr>
<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">256,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PC
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,000</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">320,105</font></td>
</tr>
<tr>
<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">69,897</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,969,519</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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Arbinet-thexchange <sup><a href="#page26_a">a</a>,<a href="#page26_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">22,200</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">148,740</font></td>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,127,764</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>eCOST.com <sup><a href="#page26_a">a</a>,<a href="#page26_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">7,242</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,620</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<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="right"><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"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">EDGAR
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<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">83,600</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">198,968</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Inforte
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,100</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">3,652</font></td>
</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">14,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MIVA
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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">46,400</font></td>
</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">123,816</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Packeteer
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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">70,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Provide Commerce <sup><a href="#page26_a">a</a>,<a href="#page26_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">107,950</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">326,529</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Register.com
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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">313,928</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Stamps.com
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">21,200</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">397,500</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">Stellent
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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">112,500</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,022,667</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">IT
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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">CIBER
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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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,457,643</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">1,375,771</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Covansys Corporation <sup><a href="#page26_a">a</a></sup></b></font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">227,500</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">2,923,375</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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,786,530</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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,881,065</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Infocrossing
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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">249,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Rainmaker
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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">5,900</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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,965,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Syntel</font></p></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">54,300</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">870,429</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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,324</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">14,572,437</font></td>
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<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 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">California
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">81,700</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">464,056</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">CyberOptics
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">53,800</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">699,400</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ESS
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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">105,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Electroglas
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<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">878,904</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">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">1,019,965</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 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">126,160</font></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 valign="bottom" align="right"><font face="Sans-Serif" size="2">99,000</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">733,590</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Intevac
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">40,550</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">424,559</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Monolithic
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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">50,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">PDF
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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>
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">393,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Photronics
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">29,750</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">694,365</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">QuickLogic
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">73,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10,000</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">143,300</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">25,500</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">243,270</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">White
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">55,500</font></td>
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<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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
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<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,105,219</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 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>
</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">27,300</font></td>
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<td valign="bottom" align="right"><font face="Sans-Serif" size="2">560,742</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">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">1,093,708</font></td>
</tr>
<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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">94,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>BindView Development <sup><a href="#page26_a">a</a>,<a href="#page26_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">145,300</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">401,028</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">ILOG
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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">449,960</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Indus
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,200</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">47,232</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">InterVideo
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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">316,360</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">iPass
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">190,000</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">1,151,400</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="#page26_a">a</a>,<a href="#page26_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">59,500</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">677,110</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Kongzhong
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3,400</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">31,110</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MSC.Software
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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">173,990</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Majesco Entertainment Company <sup><a href="#page26_a">a</a>,<a href="#page26_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">51,100</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">334,194</font></td>
</tr>
</table>
<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><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><br><br>
<br><br><br><br><br><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>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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;25</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 width="50%" valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td width="50%" valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005</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="#D8DCEB">
<td valign="middle" align="left" colspan="2"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Schedule
 of Investments</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="48%" align="left">
<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="right"><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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Technology (continued)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Software
 (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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MapInfo
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<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">5,000</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">52,550</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>McDATA Corporation Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_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">18,200</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">72,796</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">MIND
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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">56,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Omnicell <sup><a href="#page26_a">a</a>,<a href="#page26_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">1,400</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">12,320</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,248,440</font></td>
</tr>
<tr>
<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>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">894,028</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SPSS
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">19,800</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">380,358</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">SeaChange
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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">35,100</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Synplicity
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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">13,525</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>TeleCommunication Systems Cl. A <sup><a href="#page26_a">a</a>,<a href="#page26_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">105,000</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">237,300</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Transaction Systems Architects Cl. A <sup><a href="#page26_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">140,100</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">3,450,663</font></td>
</tr>
<tr>
<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">181,500</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">1,591,755</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">13,376,269</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Telecommunications
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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">Anaren
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">98,800</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">1,299,220</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Brooktrout
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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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">291,276</font></td>
</tr>
<tr>
<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">59,000</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">404,150</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Captaris
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<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">703,800</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Carrier Access <sup><a href="#page26_a">a</a>,<a href="#page26_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">48,200</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Catapult Communications <sup><a href="#page26_a">a</a>,<a href="#page26_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">85,300</font></td>
</tr>
<tr>
<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><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">23,870</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Channell Commercial <sup><a href="#page26_a">a</a>,<a href="#page26_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">37,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Communications
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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">1,386,450</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Ditech Communications <sup><a href="#page26_a">a</a>,<a href="#page26_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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">324,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Extended
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">140,500</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">449,600</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:15px; text-indent:-10px;">
<font face="Sans-Serif" size="2"> <sup><a href="#page26_dagger">&#134;</a></sup>Intrado <sup><a href="#page26_a">a</a>,<a href="#page26_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">448,800</font></td>
</tr>
<tr>
<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">13,630</font></td>
</tr>
<tr>
<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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">307,092</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">48,100</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">376,623</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Radyne
 ComStream <sup><a href="#page26_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">81,400</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">706,145</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,000</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">599,640</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">91,812</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,866,538</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Yak
 Communications <sup><a href="#page26_a">a</a>,<a href="#page26_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">118,000</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">572,300</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">9,944,634</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
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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">73,167,985</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<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="right"><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><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"><b>
Miscellaneous &#150; 4.9%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $13,580,319)</font></p></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="3%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">13,741,083</font></td>
<td width="1%"><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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
TOTAL COMMON STOCKS</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $201,632,862)</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">299,826,186</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
PREFERRED STOCK &#150; 0.4%</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>
</tr>
<tr>
<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="#page26_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">1,263,101</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 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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
TOTAL PREFERRED STOCK</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $943,607)</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">1,263,101</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
REPURCHASE AGREEMENT &#150; 15.1%</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>
</tr>
<tr>
<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>
<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">
2.55% dated 6/30/05, due 7/1/05,</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>
<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">
maturity value $42,480,009</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">
(collateralized by obligations of various</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">
U.S. Government Agencies,</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">
valued at $43,543,713)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $42,477,000)</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">42,477,000</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 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" colspan="3"><p style="margin-left:10px; text-indent:-10px;">
<font face="Sans-Serif" size="2" color="#003d77"><b>
COLLATERAL RECEIVED FOR SECURITIES LOANED &#150; 10.1%</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>
</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>
<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">5.50%-9.25%
 due 2/15/16-8/15/28</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">437,806</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>
<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>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">27,819,162</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 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 $28,256,968)</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">28,256,968</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 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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
TOTAL INVESTMENTS &#150; 132.3%</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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 $273,310,437)</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">371,823,255</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
LIABILITES LESS CASH</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>
</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; (10.9)%</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">(30,740,429</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
PREFERRED STOCK &#150; (21.4)%</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 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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>
<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"><b>
NET ASSETS APPLICABLE TO</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>
</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><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"><b>281,082,826</b></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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
<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><br><br><br><br><br><br><br><br><br><br><br>
<br><br>
<br><br><br><br><br><br>
<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"><sup><a name="page26_a"></a>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"><sup><a name="page26_b"></a>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="bottom" align="left"><font face="Sans-Serif" size="2"><sup><a name="page26_c"></a>c</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">A portion
 of these securities were on loan at June 30, 2005. Total market value of loaned
 securities at June 30, 2005 was $27,453,801.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Sans-Serif" size="2"><sup><a name="page26_d"></a>d</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Securities
 for which market quotations are no longer readily available represents 0.04% of
 net assets. These securities have been valued at their fair value under procedures
 established by the Fund&#146;s Board of Directors.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><sup><a name="page26_e"></a>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"><sup><a name="page26_dagger"></a>&#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 2005.</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 valign="bottom" align="left"><font face="Sans-Serif" size="2"><b>Bold indicates
 the Fund&#146;s largest 20 equity holdings in terms of June 30, 2005 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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><font face="Sans-Serif" size="2">
<b>INCOME TAX INFORMATION: </b>The cost of total investments for Federal income tax
 purposes was $274,084,343. At June 30, 2005, net unrealized appreciation for all
 securities was $97,738,912, consisting of aggregate gross unrealized appreciation
 of $109,216,316 and aggregate gross unrealized depreciation of $11,477,404. 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="3"><hr size="2" 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>26&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<page>
<a name="page_27"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005 (Unaudited)</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="#D8DCEB">
<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 color="#004585" face="sans-serif" size="2"><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)<sup><a href="#page29_star">*</a></sup></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="7%" valign="bottom" align="right"><font face="sans-serif" size="2">329,346,255</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">42,477,000</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">2,034</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">1,665,493</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">133,033</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">Prepaid 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">3,161</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="6"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">373,626,976</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="6"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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">28,256,968</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">3,833,810</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">271,308</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">102,064</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="6"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">32,544,150</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="6"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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, $25 liquidation value per share; 2,400,000
 shares outstanding</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="6"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Total Preferred Stock</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">281,082,826</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="6"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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; $0.001 par value per share; 20,791,356 shares outstanding
 (150,000,000 shares authorized)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">169,570,860</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">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">(595,140</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">28,106,249</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">98,512,818</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">Quarterly
 and accrued 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">(14,511,961</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="6"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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; $13.52)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">281,082,826</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" 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"><sup><a name="page29_star"></a>*</sup>Investments
 at identified cost (including $28,256,968 of collateral on loaned securites)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">230,833,437</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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" align="left"><font color="#003D77" face="Sans-Serif" size="2"><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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;27</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 valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>SIX MONTHS ENDED JUNE 30, 2005 (Unaudited)</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="#D8DCEB">
<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 color="#004585" face="sans-serif" size="2"><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 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="7%" valign="bottom" align="right"><font face="sans-serif" size="2">993,932</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">572,309</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">58,072</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="6"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">1,624,313</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="6"><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">1,906,691</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">75,665</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">74,261</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">29,482</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">16,439</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">15,333</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">101,582</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="6"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">2,219,453</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="6"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">(595,140</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="top" colspan="6"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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">20,916,366</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">(22,649,606</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="6"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">(1,733,240</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="6"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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">(2,328,380</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="6"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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">(1,800,000</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="6"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="sans-serif" size="2"><b>
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="right"><font face="sans-serif" size="2">(4,128,380</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td valign="top" colspan="6"><div style="margin-top:-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>28 &#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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_29"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585">&#160;</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="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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="11"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="center" width="70%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="4" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Six months ended<br>6/30/05<br>(unaudited)</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" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Year ended<br>12/31/04</b></font></td>
</tr>
<tr>
<td valign="bottom" colspan="11"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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>
</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%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="sans-serif" size="2">(595,140</font></td>
<td width="5%" valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="sans-serif" size="2">(1,486,082</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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,916,366</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(22,649,606</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><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>
<td valign="bottom" colspan="11"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(2,328,380</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><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>
<td valign="top" colspan="11"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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>
</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><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 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>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Quarterly
 distributions <sup><a href="#page29_star">*</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1,800,000</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><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="11"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1,800,000</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><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="#D8DCEB">
<td valign="top" colspan="11"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font color="#004585" face="sans-serif" size="2"><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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(4,128,380</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><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>
</tr>
<tr>
<td valign="top" colspan="11"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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>
</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><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 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>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Quarterly
 distributions <sup><a href="#page29_star">*</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(12,631,961</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><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="11"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(12,631,961</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><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>
</tr>
<tr>
<td valign="top" colspan="11"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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>
</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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,479,529</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><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>
</tr>
<tr>
<td valign="bottom" colspan="11"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,479,529</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><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>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="11"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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 valign="bottom" align="right"><font face="sans-serif" size="2">(9,280,812</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><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>
</tr>
<tr>
<td valign="top" colspan="11"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2"><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>
<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 period</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">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><font face="sans-serif" size="1">&#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>
</tr>
<tr>
<td valign="bottom" colspan="11"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">End
 of period (including undistributed net investment income (loss) of $(595,140) at
 6/30/05)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">281,082,826</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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">290,363,638</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="11"><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"><sup><a name="page29_star"></a>*</sup> To be allocated
 to net investment income and capital gains at year end.</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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="2"><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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;29</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 valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<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>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font color="#004585" face="sans-serif" size="2">
<b>Six months 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 valign="bottom" colspan="21" align="center"><font color="#004585" face="sans-serif" size="2">
<b>Years ended December 31,</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 valign="bottom" colspan="3" align="center"><font color="#004585" face="sans-serif" size="2">
<b>June 30, 2005</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" colspan="21"><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 valign="bottom" colspan="3" align="center"><font color="#004585" face="sans-serif" size="2">
<b>(unaudited)</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" colspan="2" align="center"><font color="#004585" face="sans-serif" size="2">
<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" colspan="2" align="center"><font color="#004585" face="sans-serif" size="2">
<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" colspan="2" align="center"><font color="#004585" face="sans-serif" size="2">
<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" colspan="2" align="center"><font color="#004585" face="sans-serif" size="2">
<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" colspan="2" align="center"><font color="#004585" face="sans-serif" size="2">
<b>2000</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="28"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<b>NET ASSET VALUE, BEGINNING OF PERIOD</b></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">$</font></td>
<td width="6%" valign="bottom" align="right"><font face="sans-serif" size="2">14.34</font></td>
<td width="8%"><font face="sans-serif" size="1">&#160;</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="1%" valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td width="3%" valign="bottom" align="right"><font face="sans-serif" size="2">13.33</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td width="3%" 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="1%"><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="left"><font face="sans-serif" size="2">$</font></td>
<td width="3%" valign="bottom" align="right"><font face="sans-serif" size="2">11.83</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="sans-serif" size="2">$</font></td>
<td width="3%" 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="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="3%" 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>
<td valign="top" colspan="28"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">(0.03</font></td>
<td valign="bottom" align="justify"><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><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><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><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
 realized and unrealized 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">(0.08</font></td>
<td valign="bottom" align="justify"><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><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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5.28</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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1.29</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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2.57</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 valign="bottom" align="right"><font face="sans-serif" size="2">1.23</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="28"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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="justify"><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><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><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><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>
</tr>
<tr>
<td valign="top" colspan="28"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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><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 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 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 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>
<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><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 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><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><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>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Quarterly
 distributions<sup><a href="#page30_star">*</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">(0.09</font></td>
<td valign="bottom" align="justify"><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><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 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 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" colspan="28"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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="justify"><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><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><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><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="#D8DCEB">
<td valign="top" colspan="28"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font color="#004585" face="sans-serif" size="2">
<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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(0.20</font></td>
<td valign="bottom" align="justify"><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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2.35</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><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>
<td valign="top" colspan="28"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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><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 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 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 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
 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">&#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 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><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><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>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Quarterly
 distributions<sup><a href="#page30_star">*</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">(0.62</font></td>
<td valign="bottom" align="justify"><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><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 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 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" colspan="28"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(0.62</font></td>
<td valign="bottom" align="justify"><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><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><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><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>
<td valign="top" colspan="28"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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 Preferred Stock 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><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 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><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
 of reinvestment of distributions by 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">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><font face="sans-serif" size="1">&#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><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><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>
<td valign="bottom" colspan="28"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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><font face="sans-serif" size="1">&#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><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><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="#D8DCEB">
<td valign="top" colspan="28"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<b>NET ASSET
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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">13.52</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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">14.34</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9.39</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">10.14</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="28"><div style="margin-bottom:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<b>MARKET VALUE, END OF PERIOD</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">13.88</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">15.24</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8.44</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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="right"><font face="sans-serif" size="2">$</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>
<td valign="top" colspan="28"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<b>TOTAL RETURN (<a href="#page30_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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">(4.7</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)%<sup><a href="#page30_threestar">***</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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>
<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><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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(12.7</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">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">(1.4</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)%<sup><a href="#page30_threestar">***</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><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><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 color="#004585" face="sans-serif" size="2">
<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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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 color="#004585" face="sans-serif" size="2">
<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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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="#page30_b">b</a>,<a href="#page30_c">c</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">1.60</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">%<sup><a href="#page30_twostar">**</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1.82</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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1.96</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">1.78</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">1.32</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
 fee expense</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">1.38</font></td>
<td valign="bottom" align="justify"><font face="sans-serif" size="2">%<sup><a href="#page30_twostar">**</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><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><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>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Other
 operating 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">0.22</font></td>
<td valign="bottom" align="justify"><font face="sans-serif" size="2">%<sup><a href="#page30_twostar">**</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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><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><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>
<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">0.24</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><font face="sans-serif" size="1">&#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">)%<sup><a href="#page30_twostar">**</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(0.56</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><font face="sans-serif" size="1">&#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>
<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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(1.23</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">(0.43</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">0.74</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">%</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font color="#004585" face="sans-serif" size="2">
<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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">281,083</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">290,364</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">167,571</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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="right"><font face="sans-serif" size="2">$</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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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">$</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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">40,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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">$</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
 Turnover Rate</font></td>
<td><font face="sans-serif" size="1">&#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</font></td>
<td valign="bottom" align="justify"><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><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><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><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 color="#004585" face="sans-serif" size="2">
<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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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><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><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><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><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
 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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">142.12</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">145.98</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">129.73</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">127.39</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Liquidation
 preference per share</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.00</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.00</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.00</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 valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.00</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">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">$</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="#page30_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>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="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%
 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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24.91</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24.66</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.37</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#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">7.75%
 Cumulative</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><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">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.70</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.91</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="right"><font face="sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25.30</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">$</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="top" colspan="28"><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="right"><font face="sans-serif" size="2"><a name="page30_a"></a>(a)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" 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"><a name=page30_b></a>(b)</font></td>
<td><font face="sans-serif" size="1">&#160;</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%, 1.32%, 1.49%, 1.62%, 1.46% and 1.06% for the
periods ended June 30, 2005 and December 31, 2004, 2003, 2002, 2001 and 2000, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="sans-serif" size="2"><a name=page30_c></a>(c)</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" 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="top" align="right"><font face="sans-serif" size="2"><a name="page30_d">(d)</a></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" 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>
<tr>
<td valign="top" align="right"><font face="sans-serif" size="2"><sup><a name="page30_star"></a>*</sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="sans-serif" size="2">To be allocated to net investment income and
capital gains at year end.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="sans-serif" size="2"><sup><a name="page30_twostar">**</a></sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="sans-serif" size="2">Annualized.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="sans-serif" size="2"><sup><a name="page30_threestar"></a>**</sup></font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="top" align="left"><font face="sans-serif" size="2">Not annualized.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><font color="#003D77" face="Sans-Serif" size="1"><br>30&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</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_31"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements (Unaudited)</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="48%"><div align="justify"><font color="#004585" face="sans-serif" size="2"><b>Summary of Significant Accounting Policies:</b></font><br><font face="sans-serif" size="2">&#160;&#160;&#160;&#160;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;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><b><br><br><font color="#004585" face="sans-serif" size="2">Valuation of Investments:</font></b><br>&#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><font color="#004585" face="sans-serif" size="2"><br><b>Investment Transactions and Related Investment Income:</b></font><br>&#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><font color="#004585" face="sans-serif" size="2"><br><br><b>Expenses:</b></font><br>&#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 color="#004585" face="sans-serif" size="2"><b>Taxes:</b></font><font face="sans-serif" size="2"><br>&#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 fiscal year. The Schedule of Investments includes information regarding
 income taxes under the caption &#147;Income Tax Information&#148;.</font></div></td>
<td width="4%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" align="left" width="48%"><div align="justify"><font color="#004585" face="sans-serif" size="2">
<b>Distributions:</b></font><br><font face="sans-serif" size="2">&#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.</font><br><font color="#004585" face="sans-serif" size="2"><br><b>Repurchase Agreements:</b></font>
<font face="sans-serif" size="2"><br>&#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.</font><br><font color="#004585" face="sans-serif" size="2"><br><b>Securities Lending:</b></font><font face="sans-serif" size="2"><br>&#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.</font><br><font color="#004585" face="sans-serif" size="2"><br><b>Capital Stock:</b></font><br><font face="sans-serif" size="2">&#160;&#160;&#160;&#160;The Fund issued 547,970 and 1,228,046 shares of Common Stock as reinvestment
 of distributions by Common Stockholders for the six months ended June 30, 2005 and
 the year ended December 31, 2004, respectively.<br>&#160;&#160;&#160;&#160;At June 30, 2005, 2,400,000 shares
 of 6.00% Cumulative Preferred Stock were outstanding. 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. The Fund&#146;s Cumulative
 Preferred Stock is classified outside of permanent equity (net assets applicable
 to Common Stockholders) in the accompanying financial</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 ROYCE FUNDS SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;31</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 valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE MICRO-CAP TRUST</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements (Unaudited) (continued)</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="top" width="48%" align="left"><div align="justify"><font face="sans-serif" size="2">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;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 Stockholders 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 color="#004585" face="sans-serif" size="2"><b>Investment Advisory Agreement:</b></font><br><font face="sans-serif" size="2">&#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;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</font></div></td>
<td width="4%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" width="48%" align="left"><div align="justify"><font face="sans-serif" size="2">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;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;For the six months ended June 30, 2005, the Fund accrued and paid Royce advisory
 fees totaling $1,906,691.</font><br><font color="#004585" face="sans-serif" size="2"><br><b>Purchases and Sales of Investment Securities:</b></font><font face="sans-serif" size="2"><br>&#160;&#160;&#160;&#160;For
 the six months ended June 30, 2005, the cost of purchases and proceeds from sales
 of investment securities, other than short-term securities and collateral received
 for securities loaned, amounted to $61,685,836 and $56,986,813, respectively.</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>32&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom"><font color="#003D77" face="Sans-Serif" size="1"><b>&#160;</b></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_33"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%" valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE FOCUS TRUST</b></font></td>
<td width="50%" valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005</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="#D8DCEB">
<td valign="middle" align="left" colspan="2"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Schedule
 of Investments</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="48%" align="left">
<tr><td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
COMMON STOCKS &#150; 74.1%</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>
</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Consumer Products &#150; 1.7%</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Sports
 and Recreation - 1.7%</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>
</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 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="10%" valign="bottom" align="right"><font face="Sans-Serif" size="2">65,000</font></td>
<td width="7%"><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="10%" valign="bottom" align="right"><font face="Sans-Serif" size="2">2,128,750</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $822,747)</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">2,128,750</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Consumer Services &#150; 3.4%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Direct
 Marketing - 2.2%</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>
</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><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">2,679,500</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Retail
 Stores - 1.2%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Pier
 1 Imports</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">100,000</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">1,419,000</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $2,661,168)</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">4,098,500</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Financial Intermediaries &#150; 4.6%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Insurance
 - 3.4%</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><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>
Alleghany Corporation <sup><a href="#page34_a">a</a></sup></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">10,200</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">3,029,400</font></td>
</tr>
<tr>
<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><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">1,044,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">4,073,400</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Other
 Financial Intermediaries - 1.2%</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>
</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><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">1,489,961</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $2,683,774)</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">5,563,361</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Financial Services &#150; 4.9%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Information
 and Processing - 2.2%</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>
</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="#page34_a">a</a></sup></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">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">2,698,500</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Investment
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Gabelli
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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">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">1,833,885</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="#page34_a">a</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">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">1,395,255</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">3,229,140</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $4,309,131)</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">5,927,640</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Health &#150; 7.8%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Drugs
 and Biotech - 7.3%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page34_dagger">&#134;</a></sup>Elan Corporation ADR <sup><a href="#page34_a">a</a>,<a href="#page34_b">b</a>,<a href="#page34_c">c</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">250,000</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">1,705,000</font></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="#page34_a">a</a></sup></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">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">3,019,572</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lexicon
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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">350,000</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">1,729,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Myriad
 Genetics <sup><a href="#page34_a">a</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">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">782,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Orchid
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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">150,000</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">1,621,500</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">8,857,572</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Medical
 Products and Devices - 0.5%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page34_dagger">&#134;</a></sup>Caliper Life Sciences <sup><a href="#page34_a">a</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">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">672,000</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $7,334,995)</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">9,529,572</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Industrial Products &#150; 19.5%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Building
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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>
</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><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">3,666,000</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Construction
 Materials - 2.1%</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>
</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><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">2,567,250</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Machinery
 - 5.5%</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>
</tr>
<tr>
<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><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">2,486,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Pason Systems</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">166,500</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">2,894,589</font></td>
</tr>
<tr>
<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><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">1,260,450</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">6,641,289</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="48%" align="right">
<tr><td valign="bottom"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Metal
 Fabrication and Distribution - 8.9%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page34_dagger">&#134;</a></sup>Harris Steel Group</font></p></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="10%" valign="bottom" align="right"><font face="Sans-Serif" size="2">95,500</font></td>
<td width="7%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="10%" valign="bottom" align="right"><font face="Sans-Serif" size="2">1,605,697</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
IPSCO</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">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">3,496,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Metal Management</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">175,000</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">3,386,250</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Schnitzer Steel Industries Cl. A</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">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">2,370,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">10,857,947</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $14,747,129)</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">23,732,486</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Industrial Services &#150; 3.7%</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">Commercial
 Services - 2.1%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Carlisle
 Holdings <sup><a href="#page34_c">c</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">250,000</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">1,562,500</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">West
 Corporation <sup><a href="#page34_a">a</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">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">960,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,522,500</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Engineering
 and Construction - 1.6%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Dycom
 Industries <sup><a href="#page34_a">a</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">100,000</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">1,981,000</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $2,304,326)</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">4,503,500</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Natural Resources &#150; 17.9%</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>
</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 - 8.4%</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><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>
Ensign Energy Services</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">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">2,896,180</font></td>
</tr>
<tr>
<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="#page34_a">a</a>,<a href="#page34_c">c</a></sup></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">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">2,041,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Tesco
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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">150,000</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">1,641,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Trican Well Service <sup><a href="#page34_a">a</a></sup></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">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">3,687,561</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">10,265,741</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Precious
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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>
</tr>
<tr>
<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="#page34_a">a</a></sup></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">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">3,442,000</font></td>
</tr>
<tr>
<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="#page34_a">a</a></sup></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">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">2,280,000</font></td>
</tr>
<tr>
<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="#page34_a">a</a></sup></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">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">2,700,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page34_dagger">&#134;</a></sup>Pan American Silver <sup><a href="#page34_a">a</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">100,000</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">1,479,000</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page34_dagger">&#134;</a></sup>Silver Standard Resources <sup><a href="#page34_a">a</a>,<a href="#page34_c">c</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">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">1,636,600</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">11,537,600</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
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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">21,803,341</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Technology &#150; 10.6%</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>
</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Lowrance
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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">66,100</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">1,389,422</font></td>
</tr>
<tr>
<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><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">730,000</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">2,119,422</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Internet
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page34_dagger">&#134;</a></sup>RealNetworks <sup><a href="#page34_a">a</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">250,000</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">1,242,500</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">IT
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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>
</tr>
<tr>
<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><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">961,800</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><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>
<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
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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">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">1,116,750</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
ManTech International Cl. A <sup><a href="#page34_a">a</a></sup></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">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">2,328,000</font></td>
</tr>
<tr>
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">130,600</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">963,828</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2"><b>
Transaction Systems Architects Cl. A <sup><a href="#page34_a">a</a></sup></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">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">2,465,463</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 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 valign="bottom" align="right"><font face="Sans-Serif" size="2">5,757,291</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 valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Telecommunications
 - 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><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page34_dagger">&#134;</a></sup>Foundry Networks <sup><a href="#page34_a">a</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">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">1,726,000</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
Total</b></font> <font face="Sans-Serif" size="2">(Cost $10,758,987)</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">12,923,763</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
TOTAL COMMON STOCKS</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $61,404,377)</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">90,210,913</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 valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
</tr>
</table>
<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><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><br><br>
<br><br><br><br><br><br>
<br><br><br><br><br><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>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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;33</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_34"></a>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="50%" valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>ROYCE FOCUS TRUST</b></font></td>
<td width="50%" valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>JUNE 30, 2005</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="#D8DCEB">
<td valign="middle" align="left" colspan="2"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Schedule
 of Investments</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="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" colspan="2"><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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 valign="bottom" align="center" colspan="2"><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 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>
<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" colspan="3"><font face="Sans-Serif" size="2"><b>VALUE</b></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"><b>
CORPORATE BONDS &#150; 5.8%</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 valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
REPURCHASE AGREEMENT &#150; 21.8%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:14px; text-indent:-10px;"><font face="Sans-Serif" size="2"><sup><a href="#page34_dagger">&#134;</a></sup>Athena Neurosciences Finance 7.25% <sup><a href="#page34_c">c</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="4%"><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" color="#003d77">State
 Street Bank &#038; Trust Company,</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">Senior
 Note due 2/21/08</font></p></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="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">6,000,000</font></td>
<td width="1%"><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="7%" valign="bottom" align="right"><font face="Sans-Serif" size="2">5,580,000</font></td>
<td width="1%"><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">2.55%
 dated 6/30/05, due 7/1/05,</font></p></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="7%"><font face="Sans-Serif" size="1">&#160;</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">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">maturity
 value $26,508,878</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">Conv.
 Sub. Note due 2/1/07</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">1,500,000</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">1,507,500</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">(collateralized
 by obligations of various</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></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>
<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.
 Government Agencies, valued at $27,174,087)</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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
TOTAL CORPORATE BONDS</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 valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $26,507,000)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 26,507,000</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 $6,739,203)</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">7,087,500</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" colspan="2"><hr size="2" color="#000000" noshade></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 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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
COLLATERAL RECEIVED FOR SECURITIES LOANED &#150; 2.6%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
GOVERNMENT BONDS &#150; 9.8%</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 valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">Money
 Market Funds</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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">(Principal
 Amount shown</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">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" color="#003d77">in
 local currency.)</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">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">3,202,198</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><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>
<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">3.00%
 due 6/1/07</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">6,150,000</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">5,029,628</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 $3,202,198)</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">3,202,198</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 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"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">6.50%
 due 2/15/06</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">6,962,670</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" color="#003d77"><b>
TOTAL INVESTMENTS &#150; 122.6%</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>
</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 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 $119,116,917)</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">149,304,209</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"><b>
TOTAL GOVERNMENT BONDS</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $10,827,347)</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">11,992,298</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" color="#003d77"><b>
LIABILITIES LESS CASH</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>
</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 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" color="#003d77"><b>
AND OTHER ASSETS &#150; (2.1)%</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">(2,513,048</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" color="#003d77"><b>
U.S. TREASURY OBLIGATIONS &#150; 8.5%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77">U.S.
 Treasury Notes</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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#003d77"><b>
PREFERRED STOCK &#150; (20.5)%</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">(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"><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 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:30px; text-indent:-10px;"><font face="Sans-Serif" size="2">Security
 2.00% 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">10,304,300</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" color="#003d77"><b>
NET ASSETS APPLICABLE TO</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>
</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 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 color="#003d77" face="Sans-Serif" size="2"><b>
COMMON STOCKHOLDERS &#150; 100.0%</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"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"><b>121,791,161</b></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"><b>
TOTAL U.S. TREASURY OBLIGATIONS</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 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"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">(Cost $10,436,792)</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">10,304,300</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>
</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 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>
<div><hr size="1" width="100%" color="#003d77" noshade></div>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="#page34_a"></a><sup>a</sup></font></td>
<td width="2%"><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"> <sup><a name="#page34_b"></a>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="bottom" align="left"><font face="Sans-Serif" size="2"><a name="#page34_c"></a><sup>c</sup></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">A portion
 of these securities were on loan at June 30, 2005. Total market value of loaned
 securities at June 30, 2005 was $3,088,342.</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2"><a name="#page34_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 2005.</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>
</tr>
<tr>
<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"><b>Bold indicates
 the Fund&#146;s largest 20 equity holdings in terms of June 30, 2005 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><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 face="Sans-Serif" size="2"><b>INCOME
 TAX INFORMATION:</b> The cost of total investments for Federal income tax purposes
 was $119,430,616. At June 30, 2005, net unrealized appreciation for all securities
 was $29,873,593, consisting of aggregate gross unrealized appreciation of $32,599,000
 and aggregate gross unrealized depreciation
 of $2,725,407. 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>
</table>
<div><hr size="2" width="100%" color="#003d77" noshade></div>
<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 SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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>
</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 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>JUNE 30, 2005 (Unaudited)</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<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"><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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>
</tr>
<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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Investments
 at value (including collateral on loaned securities)*</font></p></td>
<td width="1%"><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">122,797,209</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:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Repurchase
 agreement (at cost and value)</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">26,507,000</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">Cash</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">351,480</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">Receivable
 for investments sold</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">10,914</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">Receivable
 for dividends and 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">541,349</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="#D8DCEB">
<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">150,207,952</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" 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>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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Payable
 for collateral on loaned securities</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">3,202,198</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">Payable
 for investments purchased</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">7,600</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">Payable
 for investment advisory fee</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">111,483</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">Preferred
 dividends 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">33,329</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">Accrued
 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">62,181</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="#D8DCEB">
<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">3,416,791</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" 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>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, $25 liquidation value per share;
 1,000,000 shares outstanding</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">Total
 Preferred Stock</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</b></font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,791,161</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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>ANALYSIS OF 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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Common
 Stock paid-in capital &#150; $0.001 par value per share; 13,679,902 shares outstanding
 (100,000,000 shares authorized)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 82,873,234</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">Undistributed
 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">306,614</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">Accumulated
 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">11,823,754</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
 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">30,187,292</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">Quarterly
 and accrued 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">(3,399,733</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="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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; $8.90)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,791,161</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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">*Investments
 at identified cost (including $3,202,198 of collateral on loaned securities)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2"> 92,609,917</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="5"><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"><font color="#003D77" face="Sans-Serif" size="2"><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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;35</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_36"></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>SIX MONTHS ENDED JUNE 30, 2005 (Unaudited)</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<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">Interest</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="6%"><font face="Sans-Serif" size="2">706,318</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">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">402,348</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">9,858</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">1,118,524</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">629,864</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">42,024</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">35,368</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">13,404</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">10,699</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">5,682</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">59,869</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="5"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">796,910</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="5"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">321,614</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" 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"><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">10,449,681</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">(15,020,437</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-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:10px; 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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(4,570,756</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr bgcolor="#D8DCEB">
<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 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">(4,249,142</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr bgcolor="#D8DCEB">
<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 valign="bottom" align="right"><font face="Sans-Serif" size="2">(750,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="5"><hr size="1" color="#004585" noshade></td>
</tr>
<tr bgcolor="#D8DCEB">
<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="right"><font face="Sans-Serif" size="2">(4,999,142</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="2" color="#004585" noshade></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><font color="#003D77" face="Sans-Serif" size="1"><br>36&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="2"><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_37"></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>&#160;</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<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="2" color="#004585" noshade></div></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Six months 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="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td><font face="Sans-Serif" size="1">&#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>6/30/05</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</b></font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td><font face="Sans-Serif" size="1">&#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>(unaudited)</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="top" 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>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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right" width="4%"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right" width="5%"><font face="Sans-Serif" size="2">321,614</font></td>
<td width="4%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="left"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">225,575</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: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">10,449,681</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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"><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">(15,020,437</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">9,319,147</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">(4,249,142</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">26,517,167</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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
 investment income</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">(21,150</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">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">&#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">(1,478,850</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<a href="#page37_star">*</a></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">(750,000</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">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">(750,000</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">(1,500,000</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="9"><hr size="1" color="#004585" noshade></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(4,999,142</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">25,017,167</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" 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
 investment income</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">(242,185</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">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">&#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">(16,948,411</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<a href="#page37_star">*</a></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">(2,616,400</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>
</tr>
<tr>
<td valign="top" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">(2,616,400</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">(17,190,596</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="top" 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">21,772,491</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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: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">1,781,620</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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>
</tr>
<tr>
<td valign="top" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">23,554,111</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="top" colspan="9"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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">15,938,569</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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>
</tr>
<tr>
<td valign="top" 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 period</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">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><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>
</tr>
<tr>
<td valign="top" colspan="9"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">End
 of period (including undistributed net investment income (loss) of $306,614 at 6/30/05
 and $(15,000) at 12/31/04)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">121,791,161</font></td>
<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">105,852,592</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" colspan="9"><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="page37_star"></a>*To be allocated
 to net investment income and capital gains at year end.</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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"><font color="#003D77" face="Sans-Serif" size="2"><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 SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;37</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_38"></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">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<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>
</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="1">&#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>Six months ended</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="19" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>Years ended December 31,</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 valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>June 30, 2005</b></font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="19"><hr size="1" color="#004585" 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 valign="bottom" colspan="3" align="center"><font face="Sans-Serif" size="2" color="#004585"><b>(unaudited)</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>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="right"><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><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="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>NET ASSET
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="6%" 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">9.75</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>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">9.00</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">6.27</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">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">7.28</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="2%"><font face="Sans-Serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-Serif" size="2">6.77</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">5.94</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">0.02</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.02</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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">0.05</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 valign="bottom" align="right"><font face="Sans-Serif" size="2">0.12</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">(0.43</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">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">3.57</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 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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.79</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.26</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.41</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">2.65</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3.65</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.75</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">0.84</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.38</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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><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">(0.00</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><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><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>
<td><font face="Sans-Serif" size="1">&#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">(0.03</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><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">(0.15</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">(0.14</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">(0.13</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">(0.14</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">Quarterly
 distributions<a href="#page38_star">*</a></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">(0.07</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">&#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">&#150;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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">(0.15</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">(0.16</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><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><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.17</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="25"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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
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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">(0.48</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">2.50</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">3.49</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">(0.91</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">0.67</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">1.21</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">(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><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.02</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><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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(0.06</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">&#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">(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><font face="Sans-Serif" size="1">&#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="1">&#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">(0.11</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">(0.28</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">Quarterly
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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>
<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>
<td><font face="Sans-Serif" size="1">&#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>
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<tr>
<td valign="bottom" colspan="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
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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>
<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">(1.74</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">(0.62</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">(0.14</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">(0.34</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">)</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><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
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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>
</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">(0.00</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><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">(0.03</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">(0.01</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">(0.02</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><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>
</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">(0.13</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">&#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" colspan="25"><div style="margin-bottom:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<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><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">(0.01</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">(0.14</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">(0.01</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">(0.02</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><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>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="25"><div style="margin-top:-7px;"><hr size="1" color="#004585" noshade></div></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>NET ASSET
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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">8.90</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.75</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">9.00</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.27</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">7.28</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="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.77</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" colspan="25"><hr size="2" color="#004585" noshade></td>
</tr>
<tr bgcolor="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" size="2" color="#004585"><b>MARKET
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<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.55</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">10.47</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">8.48</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">5.56</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">6.65</font></td>
<td><font face="Sans-Serif" size="1">&#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">5.69</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><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
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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>
</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">(16.2</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">47.3</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">64.0</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(15.1</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">19.7</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">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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(6.3</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">29.2</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><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">(12.5</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">10.0</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><font face="Sans-Serif" size="1">&#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"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2" color="#004585"><b>RATIOS BASED ON AVERAGE 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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">1.58</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%<a href="#page38_2star">**</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">1.53</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">1.88</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">1.47</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">1.44</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><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">%<a href="#page38_2star">**</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">1.27</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">1.14</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">1.13</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">1.11</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">1.00</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><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">%<a href="#page38_2star">**</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">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><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.75</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">0.36</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><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">0.64</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">%<a href="#page38_2star">**</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">0.24</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">1.07</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">(0.16</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><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1.93</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="#004585"><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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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
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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">121,791</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">105,853</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">87,012</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">57,956</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">66,654</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">60,933</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-Serif" size="2">Liquidation
 Value of Preferred Stock, End of Period (in thousands)</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">20,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</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">$</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>
</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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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">52</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>
<td><font face="Sans-Serif" size="1">&#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</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">54</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">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="#004585"><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>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="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">1,000,000</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">1,000,000</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">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">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><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">800,000</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">146.79</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">130.85</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">112.01</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">97.44</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">108.32</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">101.17</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Liquidation
 preference per share</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.00</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Average market
 value per share (<a href="#page38_d">d</a>):</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="Sans-Serif" size="2">6.00%
 Cumulative</font></p></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.44</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">24.83</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.45</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#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">7.45%
 Cumulative</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">&#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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.53</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.64</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">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">25.09</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" size="2">22.23</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="25"><hr size="2" color="#004585" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="right" width="2%"><font face="Sans-Serif" size="2"><a name="page38_a"></a>(a)</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#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"><a name="page38_b"></a>(b)</font></td>
<td><font face="Sans-Serif" size="1">&#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 1.27%, 1.21%, 1.20%, 1.43%, 1.11% and 1.05% for the periods ended June 30,
 2005 and December 31, 2004, 2003, 2002, 2001 and 2000, respectively.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2"><a name="page38_c"></a>(c)</font></td>
<td><font face="Sans-Serif" size="1">&#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"><a name="page38_d"></a>(d)</font></td>
<td><font face="Sans-Serif" size="1">&#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>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2"><a name="page38_star"></a>*</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">To be allocated
 to net investment income and capital gains at year end.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2"><a name="page38_2star"></a>**</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Annualized.</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-Serif" size="2"><a name="page38_3star"></a>***</font></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-Serif" size="2">Not annualized.</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><font color="#003D77" face="Sans-Serif" size="1"><br>38&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</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_39"></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>JUNE 30, 2005</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements (Unaudited)</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="48%"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Summary
 of Significant Accounting Policies:<br></b></font><font face="Sans-Serif" size="2">&#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 &#038; Associates, LLC (&#147;Royce&#148;) assumed investment
 management responsibility for the Fund on November 1, 1996.<br>&#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="#004585"><b>Valuation of Investments:<br></b></font><font face="Sans-Serif" size="2">&#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.</font><br><br><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;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="#004585"><b>Expenses:<br></b></font><font face="Sans-Serif" size="2">&#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.</font><br><br><font face="Sans-Serif" size="2" color="#004585"><b>Taxes:<br></b></font><font face="Sans-Serif" size="2">&#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
 fiscal year. The Schedule of Investments includes information regarding income taxes
 under the caption &#147;Income Tax Information&#148;.</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" align="left" width="48%"><div align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Distributions:
<br></b></font><font face="Sans-Serif" size="2">&#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.</font><br><br><font face="Sans-Serif" size="2" color="#004585"><b>Repurchase Agreements:<br></b></font><font face="Sans-Serif" size="2">&#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.</font><br><br><font face="Sans-Serif" size="2" color="#004585"><b>Securities Lending:</b></font><br><font face="Sans-Serif" size="2">&#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.</font><br><br><font face="Sans-Serif" size="2" color="#004585"><b>Capital Stock:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;The Fund issued 196,634 and 1,182,493 shares of
 Common Stock as reinvestment of distributions by Common Stockholders for the six
 months ended June 30, 2005 and the year ended December 31, 2004, respectively.<br>
&#160;&#160;&#160;&#160;On June 10, 2005, the Fund completed a rights offering of Common Stock to its stockholders
 at the rate of one common share for each 5 rights held by stockholders of record
 on May 6, 2005. The rights offering was fully subscribed, resulting in the issuance
 of 2,627,397 common shares at a price of $8.34, and proceeds of $21,912,491 to the
 Fund prior to the deduction of estimated expenses of $140,000. The net asset value
 per</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 ROYCE FUNDS SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;39</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_40"></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>JUNE 30, 2005</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></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="#D8DCEB">
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>&#160;&#160;&#160;Notes to Financial Statements (Unaudited) (continued)</b></font></td>
</tr>
<tr>
<td valign="top"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="48%"><div align="justify"><font face="Sans-Serif" size="2">share of the
 Fund&#146;s Common Stock was reduced by approximately $0.13 per share as a result
 of the issuance.<br>&#160;&#160;&#160;&#160;At June 30, 2005, 1,000,000 shares of 6.00% Cumulative Preferred
 Stock were outstanding. 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. 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;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</font></div></td>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
<td valign="top" align="left" width="48%"><div align="justify"><font face="Sans-Serif" size="2">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 Stockholders 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:<br></b></font><font face="Sans-Serif" size="2">&#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;For the six months ended June 30, 2005,
 the Fund accrued and paid Royce advisory fees totaling $629,864.</font><br><br><font face="Sans-Serif" size="2" color="#004585"><b>Purchases
 and Sales of Investment Securities:<br></b></font><font face="Sans-Serif" size="2">&#160;&#160;&#160;&#160;For the six months ended June 30, 2005,
 the cost of purchases and proceeds from sales of investment securities, other than
 short-term securities and collateral received for securities loaned, amounted to $22,586,146
 and $27,679,252, respectively.</font></div></td>
</tr>
</table>
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</tr>
<tr>
<td><font face="Sans-Serif" size="1">&#160;</font></td>
</tr>
</table>
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<a name="page_41"></a>
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<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>DISTRIBUTION REINVESTMENT AND CASH PURCHASE OPTIONS</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>&#160;</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Why should I reinvest my distributions?</b></font><br><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 align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>How does the reinvestment of distributions
 from the Royce closed-end funds work?</b></font><br><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 align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>How does this apply to registered stockholders?</b></font><br><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, Computershare, in writing. A registered
 stockholder also has the option to receive the distribution in the form of a stock
 certificate or in cash if Computershare is properly notified.</font></p>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>What if my shares are held by a brokerage
 firm or a bank?</b></font><br><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 align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>What other features are available for
 registered stockholders?</b></font><br><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 Computershare on a monthly basis,
 and to deposit certificates representing your Fund shares with Computershare 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 align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>How do the Plans work for registered
 stockholders?</b></font><br><font face="Serif" size="2">Computershare maintains the accounts for
 registered stockholders in the Plans and sends written confirmation of all transactions
 in the account. Shares in the account of each participant will be held by Computershare
 in non-certificated form in the name of the participant, and each participant will
 be able to vote those shares at a stockholder meeting or by proxy. A participant
 may also send other stock certificates held by them to Computershare 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, Computershare
 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 align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>How can I get more information on the
 Plans?</b></font><br><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 Computershare.
 All correspondence (including notifications) should be directed to: [Name of Fund]
 Distribution Reinvestment and Cash Purchase Plan, c/o Computershare, PO Box 43010,
 Providence, RI 02940-3010, telephone (800) 426-5523.</font></p>
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<td valign="bottom" align="right"><font color="#003D77" face="Sans-Serif" size="1"><br>THE ROYCE FUNDS SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;41</font></td>
</tr>
</table>
<br>
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<a name="page_42"></a>
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<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>OTHER IMPORTANT INFORMATION</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>&#160;</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Forward-Looking Statements</b></font><br><font face="Sans-Serif" size="2">&#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></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left" width="1%"><font face="Sans-Serif" size="2">&#149;</font></td>
<td width="1%"><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="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="top" align="left"><font face="Sans-Serif" size="2">&#149;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="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="top" align="left"><font face="Sans-Serif" size="2">&#149;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="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="top" align="left"><font face="Sans-Serif" size="2">&#149;</font></td>
<td><font face="Sans-Serif" size="1">&#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><font face="Sans-Serif" size="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="top" align="left"><font face="Sans-Serif" size="2">&#149;</font></td>
<td><font face="Sans-Serif" size="1">&#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>
<p align="justify"><font face="Sans-Serif" size="2">&#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.<br>&#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.</font></p>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Authorized Share Transactions</b></font><br>
<font face="Sans-Serif" size="2">&#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;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.</font></p>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Proxy Voting</b></font><br>
<font face="Sans-Serif" size="2">&#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 and information regarding how each of The Royce
 Funds voted proxies relating to portfolio securities during the most recent 12-month
 period ended June 30 is available, without charge, on the Royce Funds&#146; website
 at www.roycefunds.com, 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.</font></p>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Form N-Q Filing</b></font><br>
<font face="Sans-Serif" size="2">&#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.</font></p>
<p align="justify"><font face="Sans-Serif" size="2" color="#004585"><b>Annual Certifications</b></font><br>
<font face="Sans-Serif" size="2">&#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 period ended June 30, 2005, filed with the Securities and Exchange
 Commission.</font></p>
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<td valign="bottom"><font color="#003D77" face="Sans-Serif" size="1"><br>42&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
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<a name="page_43"></a>
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<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>&#160;</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<p align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;At meetings
 held on June 20-21, 2005, The Royce Fund&#146;s Board of Directors, including all
 of the non-interested directors, approved the continuance of the Investment Advisory
 Agreements between Royce &#038; Associates, LLC (&#147;R&#038;A&#148;) and each
 of Royce Value Trust, Royce Micro-Cap Trust and Royce Focus Trust (the &#147;Funds&#148;). In reaching these decisions, the Board reviewed the materials provided by
 R&#038;A, which included, among other things, information prepared internally by
 R&#038;A and independently by Morningstar Associates, LLC (&#147;Morningstar&#148;)
 containing detailed expense ratio and investment performance comparisons for each
 of the Funds with other funds in their &#147;peer group&#148;, information regarding
 the past performance of Funds managed by R&#038;A and a memorandum outlining the
 legal duties of the Board prepared by independent counsel to the non-interested
 directors. R&#038;A also provided the directors with an analysis of its profitability
 with respect to providing investment advisory services to each of the Funds. In
 addition, the Board took into account information furnished throughout the year
 at regular Board meetings, including reports on investment performance, shareholder
 services, regulatory compliance, brokerage commissions and research, brokerage and
 execution products and services provided to the Funds. The Board also considered
 other matters it deemed important to the approval process such as brokerage commissions
 paid to R&#038;A affiliates, and other direct and indirect benefits to R&#038;A
 and its affiliates, from their relationship with the Funds. The directors also met
 throughout the year with investment advisory personnel from R&#038;A. The Board,
 in its deliberations, recognized that, for many of the Funds&#146; shareholders,
 the decision to purchase Fund shares included a decision to select R&#038;A as the
 investment adviser and that there was a strong association in the minds of Fund
 shareholders between R&#038;A and each Fund. In considering factors relating to
 the approval of the continuance of the Investment Advisory Agreements, the non-interested
 directors received assistance and advice from, and met separately with, their independent
 counsel. While the Investment Advisory Agreements for the Funds were considered
 at the same Board meetings, the directors dealt with each agreement separately.
 Among other factors, the directors considered the following:<br>&#160;&#160;&#160;&#160;<i>The nature,
 extent and quality of services provided by R&#038;A:</i> The directors considered
 the following factors to be of fundamental importance to their consideration of
 whether to approve the continuance of the Funds&#146; Investment Advisory Agreements:
 (i) R&#038;A&#146;s more than 30 years of small-cap value investing experience and
 track record; (ii) the history of long-tenured R&#038;A portfolio managers managing
 the Funds; (iii) R&#038;A&#146;s sole focus on mid-cap, small-cap and micro-cap
 value investing; (iv) the consistency of R&#038;A&#146;s approach to managing both
 the Funds&#146; and open-end mutual funds over more than 30 years; (v) the integrity
 and high ethical standards adhered to at R&#038;A; (vi) R&#038;A&#146;s specialized
 experience in the area of trading small- and micro-cap securities; (vii) R&#038;A&#146;s historical ability to attract and retain portfolio management talent and
 (viii) R&#038;A&#146;s focus on shareholder interests as exemplified by its voluntary
 fee waiver policy on preferred stock assets in certain circumstances where the Fund&#146;s total return performance from the issuance of the preferred does not exceed
 the coupon rate on the preferred, and expansive shareholder reporting and communications.
 The directors reviewed the services that R&#038;A provides to the Funds, including,
 but not limited to, managing each Fund&#146;s investments in accordance with the
 stated policies of each Fund. The directors determined that the services to be provided
 to each Fund by R&#038;A would be the same as those it previously provided to the
 Funds. They also took into consideration the histories, reputations and backgrounds
 of R&#038;A&#146;s portfolio managers for the Funds, finding that these would likely
 have an impact on the continued success of the Funds. Lastly, the directors noted
 R&#038;A&#146;s ability to attract quality and experienced personnel. The directors
 concluded that the services provided by R&#038;A to each Fund compared favorably
 to services provided by R&#038;A to other R&#038;A client accounts, including other
 funds, in both nature and quality, and that the scope of services provided by R&#038;A would continue to be suitable for each Fund.<br>&#160;&#160;&#160;&#160;<i>Investment
 performance of the Funds and R&#038;A:</i> In light of R&#038;A&#146;s risk-averse
 approach to investing, the directors believe that risk-adjusted performance continues
 to be an appropriate measure of each Fund&#146;s investment performance. One measure
 of risk-adjusted performance the directors have historically used in their review
 of the Funds&#146; performance is the Sharpe Ratio. The Sharpe Ratio is a risk-adjusted
 measure of performance developed by Nobel Laureate William Sharpe. It is calculated
 by dividing a fund&#146;s annualized excess returns by its annualized standard deviation
 to determine reward per unit of risk. The higher the Sharpe Ratio, the better a
 fund&#146;s historical risk-adjusted performance. The Board attaches primary importance
 to risk-adjusted performance over relatively long periods of time, typically three
 to five years. Using Morningstar data, Royce Value Trust&#146;s Sharpe Ratio placed
 in the 2nd quartile for all small-cap objective funds for the three- and five-year
 periods ended December 31, 2004. Similarly, Royce Micro-Cap Trust&#146;s Sharpe
 Ratio placed it in the 2nd quartile among its Morningstar micro-cap peer group for
 the three- and five-year periods. Finally, Royce Focus Trust&#146;s Sharpe Ratio
 placed it in the 1st quartile among all small-cap objective funds for the three-
 and five-year periods.</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 ROYCE FUNDS SEMIANNUAL REPORT 2005&#160;&#160;|&#160;&#160;43</font></td>
</tr>
</table>
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<a name="page_44"></a>
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<tr>
<td valign="bottom" align="left"><font face="Sans-Serif" color="#004585"><b>BOARD APPROVAL OF INVESTMENT ADVISORY AGREEMENTS (CONTINUED)</b></font></td>
<td valign="bottom" align="right"><font face="Sans-Serif" color="#004585"><b>&#160;</b></font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><div style="margin-top:-7px;"><hr size="2" color="#004585" noshade></div></td>
</tr>
</table>
<p align="justify"><font face="Serif" size="2">&#160;&#160;&#160;&#160;The directors
 noted that R&#038;A manages a number of funds that invest in small-cap and micro-cap
 issuers, many of which were outperforming the Russell 2000 Index and their competitors.
 Although the directors recognized that past performance is not necessarily an indicator
 of future results, they found that R&#038;A had the necessary qualifications, experience
 and track record in managing small-cap and micro-cap securities to manage the Funds.
 The directors determined that R&#038;A continued to be an appropriate investment
 adviser for the Funds and concluded that each Fund&#146;s performance supported
 the renewal of its Investment Advisory Agreement.<br>&#160;&#160;&#160;&#160;<i>Cost of
 the services provided and profits realized by R&#038;A from its relationship with
 each Fund:</i> The directors considered the cost of the services provided by R&#038;A
 and profits realized by R&#038;A from its relationship with each Fund. As part of
 the analysis, the Board discussed with R&#038;A its methodology in allocating its
 costs to each Fund and concluded that its allocations were reasonable. The directors
 concluded that R&#038;A&#146;s profits were reasonable in relation to the nature
 and quality of services provided.<br>&#160;&#160;&#160;&#160;<i>The extent
 to which economies of scale would be realized as the Funds grow and whether fee
 levels would reflect such economies of scale:</i><br>The directors considered whether there have
 been economies of scale in respect of the management of the Funds, whether the Funds
 have appropriately benefited from any economies of scale and whether there is potential
 for realization of any further economies of scale. The directors noted the time
 and effort involved in managing portfolios of small- and micro-cap stocks and that
 they did not involve the same efficiencies as do portfolios of large cap stocks.
 The directors concluded that the current fee structure for each Fund was reasonable,
 and that no changes were currently necessary.<br>&#160;&#160;&#160;&#160;<i>Comparison
 of services to be rendered and fees to be paid to those under other investment advisory
 contracts, such as contracts of the same and other investment advisers or other
 clients:</i> The directors reviewed the investment advisory fee paid by each Fund and
 compared both the services to be rendered and the fees to be paid under the Investment
 Advisory Agreements to other contracts of R&#038;A and to contracts of other investment
 advisers to registered investment companies investing in small- and micro-cap stocks,
 as provided by Morningstar. The directors noted that, in the case of Royce Value
 Trust, the 1.00% basic fee is subject to adjustment up or down (up to 50 bps in
 either direction) based on the Fund&#146;s performance versus the S&#038;P 600 SmallCap
 Index over a rolling period of sixty months. The fee is charged on average net assets
 over that rolling period. As a result, in a rising market, the fee will be smaller
 than a fee calculated on the current year&#146;s average net assets, and visa versa.
 The directors determined that the performance adjustment feature continued to serve
 as an appropriate incentive to R&#038;A to manage the Fund to the best of its abilities
 for the benefit of its long-term stockholders. The directors noted that R&#038;A
 had also agreed to waive its management fee on the liquidation value of outstanding
 preferred stock if the Fund&#146;s total return from issuance of the preferred is
 less than the preferred&#146;s coupon rate. The directors also noted that the fee
 arrangement, which also includes a provision for no fee in periods where the performance
 is negative, requires Royce to measure the Fund&#146;s performance monthly against
 the S&#038;P 600, an unmanaged index. Instead of receiving a set fee regardless
 of its performance, R&#038;A is penalized for poor performance.<br>&#160;&#160;&#160;&#160;In the case
 of Royce Micro-Cap Trust, the directors noted that the Fund had a 1.00% basic fee
 subject to adjustment up or down based on the Fund&#146;s performance versus the
 Russell 2000 Index over a rolling 36 month period. The fee is charged on average
 net assets over that rolling period. As a result, in a rising market, the fee will
 be smaller than a fee calculated on the current year&#146;s average net assets,
 and visa versa. The directors determined that the performance adjustment feature
 continued to serve as an incentive to R&#038;A to manage the Fund to the best of
 its abilities for the benefit of its long-term stockholders. The directors also
 noted R&#038;A&#146;s voluntarily waiver of its fee on the liquidation value of
 the outstanding preferred stock in circumstances where the Fund&#146;s total return
 performance from the issuance of the preferred does not exceed the coupon rate on
 the preferred for each month during the year.<br>&#160;&#160;&#160;&#160;Finally, in
 the case of Royce Focus Trust, the directors noted that if the Fund&#146;s expense
 ratio were based on total average net assets including net assets applicable to
 Preferred Stock, it would place in the 1st quartile of its Morningstar peer group.
 The directors also noted that R&#038;A had voluntarily committed to waive its fee
 on the liquidation value of the outstanding preferred stock if the Fund&#146;s performance
 trails the coupon rate of the preferred.<br>&#160;&#160;&#160;&#160;The directors
 also considered fees charged by R&#038;A to institutional and other clients and
 noted that the Funds&#146; advisory fees, including the performance-based fees for
 Royce Value Trust and Royce Micro-Cap Trust, compared favorably to those other accounts.<br>&#160;&#160;&#160;&#160;After the non-interested directors
 deliberated in executive session, the entire Board, including all the non-interested
 directors, approved the renewal of the existing Investment Advisory Agreements,
 concluding that a contract renewal on the existing terms was in the best interest
 of the shareholders of each Fund and that each investment advisory fee rate was
 reasonable in relation to the services provided.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom"><font color="#003D77" face="Sans-Serif" size="1"><br>44&#160;&#160;|&#160;&#160;THE ROYCE FUNDS SEMIANNUAL REPORT 2005</font></td>
</tr>
</table>
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<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 $20.6 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 $87 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>
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<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>ComputerShare</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>
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<tr><td valign="top" colspan="6" bgcolor="#004585"><br>&#160;</td></tr>
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<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>
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<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-0605<br><br>&#160;</b></font></font></td>
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<p align="left"><font face="Times New Roman" size="2"><b>Item 2: Code(s) of Ethics</b> &#150; Not applicable to this semi-annual report.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 3: Audit Committee Financial Expert</b> &#150;&#160;Not applicable to this
 semi-annual report.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 4: Principal Accountant Fees and Services</b> &#150;&#160;Not applicable
 to this semi-annual report.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 5: Not Applicable.</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 6: Schedule of Investments</b> &#150; See Item 1.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 7: Disclosure of Proxy Voting Policies and Procedures
for Closed-End Management Investment Companies</b> &#150;&#160;Not applicable to this semi-annual report.</font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 8: Not Applicable.</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 9: Submission of Matters to a Vote of Security
Holders</b> &#150; None<b>.</b></font></p>
<p align="left"><font face="Times New Roman" size="2"><b>Item 10: Controls and Procedures.</b></font></p>
<p align="left"><font face="Times New Roman" size="2">(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers
 concluded that, based on their evaluation of the Disclosure Controls and Procedures
 as of a date within 90 days of the filing date of this report, the Registrant&#146;s
 Disclosure Controls and Procedures are effective reasonably designed to ensure that
 information required to be disclosed by the Registrant on Form N-CSR is recorded,
 processed, summarized and reported within the required time periods and that information
 required to be disclosed by the Registrant in the reports that it files or submits
 on Form N-CSR is accumulated and communicated to the Registrant&#146;s management,
 including its principal executive and principal financial officers, as appropriate
 to allow timely decisions regarding required disclosure.</font></p>
<p align="left"><font face="Times New Roman" 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 align="left"><font face="Times New Roman" size="2"><b>Item 11</b>: Exhibits attached hereto.</font></p>
<p align="left"><font face="Times New Roman" 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 align="left"><font face="Times New Roman" size="2"><b>ROYCE FOCUS TRUST, INC.</b></font></p>
<table border="0" cellpadding="0" cellspacing="0" width="40%">
<tr>
<td width="7%" valign="bottom" align="left"><font face="Times New Roman" size="2">BY:</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>&#160;&#160;/s/ Charles
 M. Royce&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Charles
 M. Royce</b></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>President</b></font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Date: August 23, 2005</font></p>
<p><font face="Times New Roman" 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>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="48%" valign="bottom" align="left"><font face="Times New Roman" size="2"><b>ROYCE FOCUS
 TRUST, INC.</b></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>ROYCE FOCUS
 TRUST, INC.</b></font></td>
</tr>
</table>
<br><br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">BY:</font></td>
<td width="45%" valign="bottom" align="left"><font face="Times New Roman" size="2"><u>&#160;/s/ Charles
 M. Royce&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="left"><font face="Times New Roman" size="2">BY:</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>&#160; /s/ John
 D. Diederich&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Charles M.
 Royce</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>John D. Diederich</b></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>President</b></font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><b>Chief Financial
 Officer</b></font></td>
</tr>
<tr>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<br>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="48%" valign="bottom" align="left"><font face="Times New Roman" size="2">Date: August
 23, 2005</font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">Date: August
 23, 2005</font></td>
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<DOCUMENT>
<TYPE>EX-99.CERT
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<TEXT>
<p><font face="Times New Roman" size="2"><b>Item 11(b):</b></font></p>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFICATIONS</b></font><div style="margin-top:-7px">
<hr size="1" color="#000000" noshade width="11%"></div></p>
<p><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">I have reviewed
 this report on Form N-CSR of Royce Focus Trust, Inc.;</font></td>
</tr>
</table>
<p><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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</font></p>
<p><font face="Times New Roman" size="2">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.</font></p>
<p><font face="Times New Roman" size="2">Date: August 23, 2005</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="40%" valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>&#160;/s/ Charles
 M. Royce&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Charles
 M. Royce</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;President</font></td>
</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<p align="center"><font face="Times New Roman" size="2"><b>CERTIFICATIONS</b></font><div style="margin-top:-7px">
<hr size="1" color="#000000" noshade width="11%"></div></p>
<p align="left"><font face="Times New Roman" size="2">I, John D. Diederich, certify that:</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">I have reviewed
 this report on Form N-CSR of Royce Focus Trust, Inc.;</font></td>
</tr>
</table>
<p><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" 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><font face="Times New Roman" size="2">5. The registrant&#146;s other certifying
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 (or persons performing the equivalent functions):</font></p>
<p><font face="Times New Roman" 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</font></p>
<p><font face="Times New Roman" size="2">b) any fraud, whether or not material, that
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<p><font face="Times New Roman" size="2">Date: August 23, 2005</font></p>
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<tr>
<td width="40%" valign="bottom"><font face="Times New Roman" size="2">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;Chief Financial
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</table>
<br>
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<br>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.906 CERT
<SEQUENCE>3
<FILENAME>ex99_906cert.htm
<TEXT>
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<p align="center"><font face="Times New Roman" size="2"><b>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350,<br>AS ADOPTED PURSUANT
<br>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</b></font></p>
<p><font face="Times New Roman" size="2">Name of Issuer: ROYCE FOCUS TRUST, INC.</font></p>
<p><font face="Times New Roman" 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="Times New Roman" 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="Times New Roman" 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.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
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<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>&#160;<i>/s/ Charles M. Royce&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;</i></u></font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:22px; text-indent:-10px;">
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
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</tr>
</table>
<br>
<hr size="5" color="gray" noshade>
<br>
<p align="center"><font face="Times New Roman" 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="Times New Roman" size="2">Name of Issuer: ROYCE FOCUS TRUST, INC.</font></p>
<p><font face="Times New Roman" 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="Times New Roman" 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="Times New Roman" 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.</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="48%" valign="bottom" align="left"><font face="Times New Roman" size="2"><i>Date:
 August 23, 2005</i></font></td>
<td width="4%"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2"><u>&#160;/s/ John
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</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:22px; text-indent:-10px;">
<font face="Times New Roman" size="2">John D. Diederich</font></p></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:22px; text-indent:-10px;"><font face="Times New Roman" size="2">
Chief Financial Officer</font></p></td>
</tr>
</table>
</body>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
