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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000949377-05-000911.txt : 20051129
<SEC-HEADER>0000949377-05-000911.hdr.sgml : 20051129
<ACCEPTANCE-DATETIME>20051129102435
ACCESSION NUMBER:		0000949377-05-000911
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20050930
FILED AS OF DATE:		20051129
DATE AS OF CHANGE:		20051129
EFFECTIVENESS DATE:		20051129

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-Q
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05379
		FILM NUMBER:		051230170

	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-Q
<SEQUENCE>1
<FILENAME>e74301.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p><font face="Times New Roman" size="2">UNITED STATES<br>SECURITIES AND EXCHANGE
 COMMISSION<br>Washington, D.C. 20549</font></p>
<p><font face="Times New Roman" size="2">FORM N-Q<br>QUARTERLY SCHEDULE OF PORTFOLIO
 HOLDINGS OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANY</font></p>
<p><font face="Times New Roman" size="2">Investment Company Act file number: 811-05379</font></p>
<p><font face="Times New Roman" size="2">Name of Fund: Royce Focus Trust, Inc.<br>
Fund Address: 1414 Avenue of the Americas<br>New York, NY 10019</font></p>
<p><font face="Times New Roman" size="2">Name and address of agent for service:<br>
John E. Denneen, Esq.<br>Royce &#038; Associates, LLC<br>1414 Avenue of the Americas
<br>New York, NY 10019</font></p>
<p><font face="Times New Roman" size="2">Registrant&#146;s telephone number, including
 area code: (212) 486-1445</font></p>
<p><font face="Times New Roman" size="2">Date of fiscal year end: 12/31/2005</font></p>
<p><font face="Times New Roman" size="2">Date of reporting period: 9/30/2005</font></p>
<p><font face="Times New Roman" size="2">Item 1 - Schedule of Investments<br>Portfolio
 of Investments</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">ROYCE FOCUS
 TRUST</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="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">SCHEDULE OF
 INVESTMENTS</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="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">SEPTEMBER
 30, 2005 (UNAUDITED)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-serif" size="2"><b>
COMMON STOCKS - 82.9%</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>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="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><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>
<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"><b>
Consumer Products - 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>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">Apparel
 and Shoes - 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>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">Columbia
 Sportswear Company <a href="#page_a">a</a>,<a href="#page_c">c</a></font></p></td>
<td width="5%"><font face="Sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="Sans-serif" size="1">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-serif" size="2">40,000</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"><font face="Sans-serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-serif" size="2">1,856,000</font></td>
<td width="1%"><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Sports
 and Recreation - 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>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">Thor
 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">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">3,400,000</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">Winnebago
 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">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">2,897,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">6,297,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</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 valign="bottom" align="right"><font face="Sans-serif" size="2">8,153,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Consumer Services - 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>
<td><font face="Sans-serif" size="1">&#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">Direct
 Marketing - 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>
<td><font face="Sans-serif" size="1">&#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">Nu
 Skin Enterprises 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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,857,500</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Retail
 Stores - 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>
<td><font face="Sans-serif" size="1">&#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">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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,254,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Other
 Consumer Services - 0.9%</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>
<td><font face="Sans-serif" size="1">&#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">Corinthian
 Colleges <a href="#page_a">a</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">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">1,327,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</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 valign="bottom" align="right"><font face="Sans-serif" size="2">6,438,500</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Financial Intermediaries - 3.5%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-serif" size="2">Insurance
 - 2.5%</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>
<td><font face="Sans-serif" size="1">&#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">Alleghany
 Corporation <a href="#page_a">a</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">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">2,295,000</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">ProAssurance
 Corporation <a href="#page_a">a</a>,<a href="#page_c">c</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,166,750</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,461,750</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Other
 Financial Intermediaries - 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>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">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">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">1,387,011</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</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 valign="bottom" align="right"><font face="Sans-serif" size="2">4,848,761</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Financial Services - 4.8%</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><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">Information
 and Processing - 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>
<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">eFunds
 Corporation <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,824,500</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Investment
 Management - 2.8%</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>
<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">GAMCO
 Investors 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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,902,775</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">U.S.
 Global Investors Cl. A <a href="#page_a">a</a>,<a href="#page_c">c</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,936,213</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,838,988</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</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 valign="bottom" align="right"><font face="Sans-serif" size="2">6,663,488</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Health - 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>
<td><font face="Sans-serif" size="1">&#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">Drugs
 and Biotech - 6.3%</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>
<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">Elan
 Corporation ADR <a href="#page_a">a</a>,<a href="#page_b">b</a>,<a href="#page_c">c</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">249,900</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">2,214,114</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">Endo
 Pharmaceuticals Holdings <a href="#page_a">a</a>,<a href="#page_c">c</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">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">2,667,000</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">Lexicon
 Genetics <a href="#page_a">a</a>,<a href="#page_c">c</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,393,000</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">Myriad
 Genetics <a href="#page_a">a</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">1,093,000</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"> Orchid
 Cellmark <a href="#page_a">a</a>,<a href="#page_c">c</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,275,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">8,642,114</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Medical
 Products and Devices - 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>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">Caliper
 Life Sciences <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,406,000</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">Possis
 Medical <a href="#page_a">a</a>,<a href="#page_c">c</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">63,600</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">697,056</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,103,056</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</b></font></p></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">10,745,170</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Industrial Products - 23.5%</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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-serif" size="2">Building
 Systems and Components - 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>
<td><font face="Sans-serif" size="1">&#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">Simpson
 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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,696,800</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Construction
 Materials - 1.8%</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>
<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">Florida
 Rock 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">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">2,563,600</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Machinery
 - 5.1%</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>
<td><font face="Sans-serif" size="1">&#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">Lincoln
 Electric Holdings</font></p></td>
<td><font face="Sans-serif" size="1">&#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">2,955,000</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">Pason
 Systems</font></p></td>
<td><font face="Sans-serif" size="1">&#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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,805,677</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">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">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">1,275,750</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">7,036,427</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Metal
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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>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Harris
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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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,161,290</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">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">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">5,361,750</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">Metal
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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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,802,500</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">Reliance
 Steel &#038; Aluminum</font></p></td>
<td><font face="Sans-serif" size="1">&#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">2,646,500</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">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">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">3,257,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">18,229,040</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</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 valign="bottom" align="right"><font face="Sans-serif" size="2">32,525,867</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Industrial Services - 3.0%</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>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">Commercial
 Services - 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>
<td><font face="Sans-serif" size="1">&#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">BB
 Holdings</font></p></td>
<td><font face="Sans-serif" size="1">&#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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,677,750</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Engineering
 and Construction - 1.8%</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>
<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">Dycom
 Industries <a href="#page_a">a</a>,<a href="#page_c">c</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,426,400</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</b></font></p></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,104,150</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Natural Resources - 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>
<td><font face="Sans-serif" size="1">&#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">Energy
 Services - 9.4%</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>
<td><font face="Sans-serif" size="1">&#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">Ensign
 Energy Services</font></p></td>
<td><font face="Sans-serif" size="1">&#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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,089,806</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">Input/Output <a href="#page_a">a</a>,<a href="#page_c">c</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,394,000</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">Tesco
 Corporation <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,516,800</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">Trican
 Well Service <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,003,527</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">13,004,133</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Precious
 Metals and Mining - 10.4%</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>
<td><font face="Sans-serif" size="1">&#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">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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,978,000</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">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">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">2,628,000</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">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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,286,500</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">Pan
 American Silver <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,119,200</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">Silver
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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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,466,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">14,477,700</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</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 valign="bottom" align="right"><font face="Sans-serif" size="2">27,481,833</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Technology - 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><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">Components
 and Systems - 1.8%</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>
<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">Lowrance
 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">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">2,539,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Internet
 Software and Services - 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>
<td><font face="Sans-serif" size="1">&#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">RealNetworks <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,998,500</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">IT
 Services - 0.9%</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>
<td><font face="Sans-serif" size="1">&#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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,169,400</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Software
 - 3.9%</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>
<td><font face="Sans-serif" size="1">&#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">ManTech
 International Cl. A <a href="#page_a">a</a>,<a href="#page_c">c</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">1,320,500</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">PLATO
 Learning <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,217,600</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">Transaction
 Systems Architects Cl. A <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,787,785</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,325,885</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">Telecommunications
 - 1.8%</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>
<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">Foundry
 Networks <a href="#page_a">a</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">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,540,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Total</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 valign="bottom" align="right"><font face="Sans-serif" size="2">13,572,785</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
Miscellaneous - 0.2%</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>
<td><font face="Sans-serif" size="1">&#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"><b>
Total</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">274,024</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" 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"><b>
TOTAL COMMON STOCKS</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><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">(Cost $73,494,117)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">114,807,578</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="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>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="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>
<td><font face="Sans-serif" size="1">&#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"><b>
CORPORATE BONDS - 5.3%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">Athena
 Neurosciences Finance 7.25% Senior
 Note due 2/21/08 <a href="#page_c">c</a></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">6,000,000</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">5,760,000</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">E*TRADE
 Financial 6.00% Conv.
 Sub. Note due 2/1/07</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,515,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
TOTAL CORPORATE BONDS</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><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">(Cost $6,814,358)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">7,275,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
GOVERNMENT BONDS - 8.8%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">(Principal
 Amount shown in local currency.)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><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">Canadian
 Government Bond 3.00%
 due 6/1/07</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">6,150,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,264,453</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">New
 Zealand Government Bond 6.50%
 due 2/15/06</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">10,000,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">6,914,927</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" 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"><b>
TOTAL GOVERNMENT BONDS</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">(Cost $10,806,571)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">12,179,380</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-serif" size="2"><b>
U.S. TREASURY OBLIGATIONS - 7.4%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><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></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">Treasury
 Inflation Index Protection Security
 2.00% due 7/15/14</font></td>
<td><font face="Sans-serif" size="1">&#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><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">10,215,230</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
TOTAL U.S TREASURY OBLIGATIONS</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">(Cost $10,425,435)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">10,215,230</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
REPURCHASE AGREEMENT - 13.6%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-20px;"><font face="Sans-serif" size="2">State
 Street Bank &#038; Trust Company, 3.30% dated 9/30/05, due 10/3/05, maturity value $18,888,193 (collateralized
 by obligations of various U.S. Government Agencies, valued at $19,358,081)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">(Cost $18,883,000)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">18,883,000</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
COLLATERAL RECEIVED FOR SECURITIES LOANED - 5.3%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">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>
<td><font face="Sans-serif" size="1">&#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">State
 Street Navigator Securities Lending Prime
 Portfolio</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">7,274,369</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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">(Cost $7,274,369)</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><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">7,274,369</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" 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"><b>
TOTAL INVESTMENTS - 123.3%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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">(Cost $127,697,850)</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">170,634,557</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#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"><b>LIABILITIES LESS CASH
AND OTHER ASSETS - (5.2)%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">(7,218,515</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>
<td><font face="Sans-serif" size="1">&#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"><b>
PREFERRED STOCK - (18.1)%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="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 align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="Sans-serif" size="2"><b>
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS - 100.0%</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2"><b>138,416,042
</b></font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>

<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="bottom" align="right"><font face="Sans-serif" size="2"><a name="page_a"></a>a</font></td>
<td width="2%" valign="bottom" align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Non-income
 producing.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="right"><font face="Sans-serif" size="2"><a name="page_b"></a>b</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">American Depository
 Receipt.</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td><font face="Sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="right"><font face="Sans-serif" size="2"><a name="page_c"></a>c</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">A portion
 of these securities were on loan at September 30, 2005. Total market value of loaned
 securities at September 30, 2005 was $7,061,219.</font></td>
</tr>
</table>
<p><font face="Sans-serif" size="2"><b>INCOME TAX INFORMATION:</b>
The cost of total investments for Federal income tax purposes was $128,011,549.
At September 30, 2005, net unrealized appreciation for all securities was $42,623,008, consisting of aggregate gross unrealized
appreciation of $44,905,151 and aggregate gross unrealized depreciation of $2,282,143. 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></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr><td valign="bottom"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Valuation
 of investments:</b></font></td>
</tr>
<tr>
<td width="3%" align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">
Investment transactions are accounted for on the trade date. 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'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></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="bottom"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Repurchase
 Agreements:</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">
The Fund entered into repurchase agreements with respect to its portfolio securities solely with State Street Bank and Trust Company (&#147;SSB&#038;T&#148;), the custodian of its assets.
The Fund restricts repurchase agreements to maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held
by SSB&#038;T until maturity of the repurchase agreements, are marked-to-market daily and maintained at a value at least equal to the principal amount of the
repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of default or insolvency of SSB&#038;T,
including possible delays or restrictions upon the ability of the Fund to dispose of the underlying securities.
</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="bottom"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Securities
 Lending:</b></font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">The Fund loans
 securities to qualified institutional investors for the purpose of realizing additional
 income. Collateral on all securities loaned for the Fund is accepted in cash and is invested temporarily by the custodian.
 The collateral is equal to at least 100% of the current market value of the loaned securities.</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" valign="bottom"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Other information
 regarding the Fund is available in the Fund&#146;s most recent Prospectus and Report
 to Shareholders. This information is available through The Royce Funds (www.roycefunds.com)
 and on the Securities and Exchange Commission&#146;s website (www.sec.gov).</font></td>
</tr>
</table>
<br>
<page>
<p><font face="Times New Roman" size="2">Item 2 - Controls and Procedures<br>(a)
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;The Registrant&#146;s principal executive and principal financial officers have
 concluded, based on their evaluation of the Registrant&#146;s disclosure controls
 and procedures as of a date within 90 days of the filing date of this report, that
 the Registrant&#146;s disclosure controls and procedures are reasonably designed
 to ensure that information required to be disclosed by the Registrant on Form N-Q
 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-Q 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><font face="Times New Roman" size="2">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;There were no changes in the Registrant&#146;s internal control over financial reporting during the Registrant&#146;s last
 fiscal quarter that have materially affected, or are reasonably likely to materially
 affect, the internal control over financial reporting.</font></p>
<p><font face="Times New Roman" size="2">Item&#160;3&#160;-&#160;Exhibits</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;Certifications
 pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.</font></p>
<p><font face="Times New Roman" size="2">SIGNATURES</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, the Registrant has
 duly caused this report to be signed on its behalf by the undersigned, thereunto
 duly authorized.</font></p>
<p><font face="Times New Roman" size="2">The Royce Fund<br>By: /s/ Charles M. Royce</font></p>
<p><font face="Times New Roman" size="2">Charles M. Royce<br>President, Royce Focus
 Trust, Inc.<br>Date: November 28, 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>
<p><font face="Times New Roman" size="2">By: /s/ Charles M. Royce</font></p>
<p><font face="Times New Roman" size="2">Charles M. Royce<br>President, Royce Focus
 Trust, Inc.<br>Date: November 28, 2005</font></p>
<p><font face="Times New Roman" size="2">By: /s/ John D. Diederich</font></p>
<p><font face="Times New Roman" size="2">John D. Diederich<br>Treasurer, Royce Focus
 Trust, Inc.<br>Date: November 28, 2005</font></p>
</body>
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<DOCUMENT>
<TYPE>EX-3
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<TEXT>
<html>
<head>
<title></title>
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<body>
<p><font face="Times New Roman" size="2">Certification Filed as Exhibit 3 to Form
 N-Q</font></p>
<p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
<p><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:</font></p>
<p><font face="Times New Roman" size="2">1.&#160;&#160;&#160;I have reviewed this report on Form N-Q
 of Royce Focus Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2.&#160;&#160;&#160;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.&#160;&#160;&#160;Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Times New Roman" size="2">4.&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) 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)&#160;&#160;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)&#160;&#160;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)&#160;&#160;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)&#160;&#160;Disclosed in this report any change
 in the Registrant&#146;s internal control over financial reporting that occurred
 during the Registrant&#146;s most recent fiscal quarter that has materially affected,
 or is reasonably likely to materially affect, the Registrant&#146;s internal control
 over financial reporting; and</font></p>
<p><font face="Times New Roman" size="2">5.&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of trustees (or persons performing the
 equivalent functions):</font></p>
<p><font face="Times New Roman" size="2">(a)&#160;&#160;All significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting
 which are reasonably likely to adversely affect the Registrant&#146;s ability to
 record, process, summarize, and report financial information; and</font></p>
<p><font face="Times New Roman" size="2">(b)&#160;&#160;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: November 28, 2005</font></p>
<p><font face="Times New Roman" size="2">/s/ Charles M. Royce</font></p>
<p><font face="Times New Roman" size="2">Charles M. Royce<br>President<br>Royce Focus
 Trust, Inc.</font></p>
<page>
<hr size="3" color="gray" noshade>
<p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
<p><font face="Times New Roman" size="2">I, John D. Diederich, certify that:</font></p>
<p><font face="Times New Roman" size="2">1.&#160;&#160;&#160;I have reviewed this report on Form N-Q
 of Royce Focus Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2.&#160;&#160;&#160;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.&#160;&#160;&#160;Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Times New Roman" size="2">4.&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) 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)&#160;&#160;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)&#160;&#160;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)&#160;&#160;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)&#160;&#160;Disclosed in this report any change
 in the Registrant&#146;s internal control over financial reporting that occurred
 during the Registrant&#146;s most recent fiscal quarter that has materially affected,
 or is reasonably likely to materially affect, the Registrant&#146;s internal control
 over financial reporting; and</font></p>
<p><font face="Times New Roman" size="2">5.&#160;&#160;&#160;The Registrant&#146;s other certifying
 officer(s) and I have disclosed to the Registrant&#146;s auditors and the audit
 committee of the Registrant&#146;s board of trustees (or persons performing the
 equivalent functions):</font></p>
<p><font face="Times New Roman" size="2">(a)&#160;&#160;All significant deficiencies and material
 weaknesses in the design or operation of internal controls 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)&#160;&#160;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: November 28, 2005</font></p>
<p><font face="Times New Roman" size="2">/s/ John D. Diederich</font></p>
<p><font face="Times New Roman" size="2">John D. Diederich<br>Treasurer<br>Royce
 Focus Trust, Inc.</font></p>
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