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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000949377-06-000476.txt : 20060517
<SEC-HEADER>0000949377-06-000476.hdr.sgml : 20060517
<ACCEPTANCE-DATETIME>20060517151907
ACCESSION NUMBER:		0000949377-06-000476
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20060331
FILED AS OF DATE:		20060517
DATE AS OF CHANGE:		20060517
EFFECTIVENESS DATE:		20060517

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:		06848943

	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>e76852.htm
<TEXT>
<html>
<head>
<title></title>
</head>
<body>
<p align="center"><font face="Times New Roman" size="2">UNITED STATES<br>SECURITIES
 AND EXCHANGE COMMISSION<br>Washington, D.C. 20549</font></p>
<p align="center"><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 align="center"><font face="Times New Roman" size="2">Investment Company Act file
 number: 811-05379</font></p>
<p align="center"><font face="Times New Roman" size="2">Name of Fund: Royce Focus
 Trust, Inc.<br>Fund Address: 1414 Avenue of the Americas<br>New York, NY 10019</font></p>
<p align="center"><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 align="center"><font face="Times New Roman" size="2">Registrant&#146;s telephone
 number, including area code: (212) 486-1445</font></p>
<p align="center"><font face="Times New Roman" size="2">Date of fiscal year end:
 12/31/2006</font></p>
<p align="center"><font face="Times New Roman" size="2">Date of reporting period:
 3/31/2006</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="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">SCHEDULE OF
 INVESTMENTS</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">MARCH 31,
 2006 (UNAUDITED)</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>COMMON
 STOCKS - 80.0%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-serif" size="2"><b>SHARES
</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="center"><font face="Sans-serif" size="2"><b>VALUE
</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Consumer
 Products - 6.2%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Apparel and
 Shoes - 1.0%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Timberland
 Company Cl. A <a href="#page_a">a</a>,<a href="#page_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">50,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,711,500
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Sports and
 Recreation - 5.2%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">100,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,336,000
</font></td>
<td><font face="Sans-serif" size="2">&#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 width="1%"><font face="Sans-serif" size="2">&#160;</font></td>
<td width="7%" valign="bottom" align="right"><font face="Sans-serif" size="2">100,000</font>
</td>
<td width="1%"><font face="Sans-serif" size="2">&#160;</font></td>
<td width="3%"><font face="Sans-serif" size="2">&#160;</font></td>
<td width="1%"><font face="Sans-serif" size="2">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="Sans-serif" size="2">3,034,000
</font></td>
<td width="1%"><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">8,370,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">10,081,500
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Consumer
 Services - 4.3%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Direct Marketing
 - 2.1%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">200,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,506,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Retail Stores
 - 1.3%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Buckle
 (The)</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">50,100</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,051,595
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Other Consumer
 Services - 0.9%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">100,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,440,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">6,997,595
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Financial
 Intermediaries - 1.7%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Insurance
 - 1.7%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,100</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,476,450
</font></td>
<td><font face="Sans-serif" size="2">&#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_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">25,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,300,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,776,450
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Financial
 Services - 3.4%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Information
 and Processing - 2.4%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#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>,<a href="#page_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">150,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,876,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Investment
 Management - 1.0%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">41,500</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,657,925
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,533,925
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Health
 - 8.8%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Drugs and
 Biotech - 7.4%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#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></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">180,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,599,200
</font></td>
<td><font face="Sans-serif" size="2">&#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></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">150,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,921,500
</font></td>
<td><font face="Sans-serif" size="2">&#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_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">400,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,216,000
</font></td>
<td><font face="Sans-serif" size="2">&#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>,<a href="#page_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">50,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,304,500
</font></td>
<td><font face="Sans-serif" size="2">&#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_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">150,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">861,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">11,902,200
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Medical Products
 and Devices - 1.4%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#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
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">200,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,280,000
</font></td>
<td><font face="Sans-serif" size="2">&#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
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">100,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,016,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,296,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">14,198,200
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Industrial
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Building Systems
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">120,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,196,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Construction
 Materials - 1.4%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">40,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,248,800
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Machinery
 - 3.4%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">75,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,049,250
</font></td>
<td><font face="Sans-serif" size="2">&#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
 Governor Company</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">45,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,496,250
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,545,500
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Metal Fabrication
 and Distribution - 14.5%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Harris
 Steel Group</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">150,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,532,132
</font></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">60,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">6,245,400
</font></td>
<td><font face="Sans-serif" size="2">&#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
 Management</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">150,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,747,500
</font></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">50,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,696,000
</font></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">100,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,285,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">23,506,032
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">36,496,332
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Industrial
 Services - 4.0%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Commercial
 Services - 0.8%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">BB
 Holdings <a href="#page_a">a</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">234,100</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,076,860
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">OneSource
 Services</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">15,525</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">209,042</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,285,902
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Engineering
 and Construction - 1.3%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Dycom
 Industries <a href="#page_a">a</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">100,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,125,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Transportation
 and Logistics - 1.9%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Arkansas
 Best</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">80,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,129,600
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">6,540,502
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Natural
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Energy Services
 - 9.2%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">85,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,267,971
</font></td>
<td><font face="Sans-serif" size="2">&#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_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">250,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,427,500
</font></td>
<td><font face="Sans-serif" size="2">&#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 <a href="#page_a">a</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">100,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,678,426
</font></td>
<td><font face="Sans-serif" size="2">&#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>,<a href="#page_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">175,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,332,000
</font></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">70,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,191,762
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">14,897,659
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Precious Metals
 and Mining - 12.2%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Gammon
 Lake Resources <a href="#page_a">a</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">120,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,172,000
</font></td>
<td><font face="Sans-serif" size="2">&#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
 Gold <a href="#page_a">a</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">120,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,921,600
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Ivanhoe
 Mines <a href="#page_a">a</a>,<a href="#page_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">400,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,852,000
</font></td>
<td><font face="Sans-serif" size="2">&#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
 Gold <a href="#page_a">a</a>,<a href="#page_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">120,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,558,000
</font></td>
<td><font face="Sans-serif" size="2">&#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>,<a href="#page_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">120,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,048,000
</font></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">160,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,289,600
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">19,841,200
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">34,738,859
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Technology
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Internet Software
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">RealNetworks
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">350,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">2,887,500
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<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">IT Services
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Syntel
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">60,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,135,200
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<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Software -
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">ManTech
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">100,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,322,000
</font></td>
<td><font face="Sans-serif" size="2">&#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
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<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">160,000</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">1,518,400
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">4,840,400
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Telecommunications
 - 2.2%</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</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>,<a href="#page_b">b</a></font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">199,900</font>
</td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">3,630,184
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>Total</b>
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">12,493,284
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>TOTAL COMMON
 STOCKS</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">(Cost $71,858,153)
</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">129,856,647
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-serif" size="2">
<b>PRINCIPAL</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="3" align="center"><font face="Sans-serif" size="2">
<b>AMOUNT</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>CORPORATE
 BONDS - 3.7%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#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%</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:40px; text-indent:-10px;"><font face="Sans-serif" size="2">Senior
 Note due 2/21/08 <a href="#page_b">b</a></font></p></td>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">$</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">6,000,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,910,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>TOTAL CORPORATE
 BONDS</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">(Cost $5,578,587)
</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,910,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>GOVERNMENT
 BONDS - 3.2%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">(Principal
 Amount shown in local currency)</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">Canadian
 Government Bond 3.00% due 6/1/07</font></p></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,205,475
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>TOTAL GOVERNMENT
 BONDS</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">(Cost $5,010,917)
</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">5,205,475
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>U.S. TREASURY
 OBLIGATIONS - 6.0%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">U.S. Treasury
 Notes</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><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></p></td>
<td><font face="Sans-serif" size="2">&#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="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">9,752,730
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>TOTAL U.S.
 TREASURY OBLIGATIONS</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">(Cost $10,402,773)
</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">9,752,730
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>REPURCHASE
 AGREEMENT - 22.0%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-20px;"><font face="Sans-serif" size="2">State
 Street Bank &#038; Trust Company, 4.60% dated 3/31/06, due 4/3/06, maturity value $35,748,698
<br>(collateralized by obligations of various U.S. Government Agencies, valued at $36,630,731)
</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">(Cost $35,735,000)
</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">35,735,000
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>COLLATERAL
 RECEIVED FOR SECURITIES LOANED - 13.3%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2">Money Market
 Funds</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:30px; text-indent:-10px;"><font face="Sans-serif" size="2">State
 Street Navigator Securities Lending Prime
 Portfolio (7 day yield-4.6423%)</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">21,581,963
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#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 $21,581,963)
</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">21,581,963
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>TOTAL INVESTMENTS
 - 128.2%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#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 $150,167,393)
</font></p></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">208,041,815
</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>LIABILITIES
 LESS CASH AND OTHER ASSETS - (12.8)%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" align="right"><font face="Sans-serif" size="2">(20,783,732
</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="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>PREFERRED
 STOCK - (15.4)%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td 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="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Sans-serif" size="2"><b>NET ASSETS
 APPLICABLE TO COMMON STOCKHOLDERS - 100.0%</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
<td 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>162,258,083
</b></font></td>
<td><font face="Sans-serif" size="2">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td align="left"><font face="Sans-serif" size="2">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="Sans-serif" size="2">&#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="top" 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">A portion of these securities were
on loan at March 31, 2006. Total market value of loaned securities at March 31, 2006
was $20,808,180.</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 $150,457,450.
At March 31, 2006,  net unrealized appreciation for all securities was $57,584,365, consisting of aggregate gross unrealized
appreciation of $58,709,569 and aggregate gross unrealized depreciation of $1,125,204. The primary differences in book and tax
basis cost is the timing of the recognition of losses on securities sold 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, and securities traded on Nasdaq&#146;s Electronic Bulletin Board, are valued at their last reported sales price or Nasdaq official closing price taken from the primary market in which each security trades or,
if no sale is reported for such day, at their bid price. Other over-the-counter securities for which market quotations are readily available are valued at their
bid price. Securities for which market quotations are not readily available are valued at their fair value under procedures established by the Fund&#146;s Board of Directors.
Bonds and other fixed income securities may be valued by reference to other securities with comparable ratings, interest rates and maturities,
using established independent pricing services. Investments in money market funds are valued at net asset value per share.
</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 may enter into repurchase agreements with institutions that the Fund&#146;s investment adviser has determined are creditworthy. The Fund restricts repurchase agreements to
maturities of no more than seven days. Securities pledged as collateral for repurchase agreements, which are held until maturity of the repurchase agreements, are marked-to-market daily
and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). Repurchase agreements could involve certain risks in the event of
default or insolvency of the counter-party, including possible delays or restrictions upon the ability of the Fund to dispose of its underlying securities.
</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. The market value of the loaned securities is determined at the close of business of the Fund and any additional required collateral is delivered to the Fund on the next business day.
</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>
<hr size="5" color="gray" noshade>
<br>
<page>
<p><font face="Times New Roman" size="2">Item 2 - Controls and Procedures</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="1%" valign="top" align="left"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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 (as required by Rule
 30a-3(b) under the Investment Company Act of 1940 (the &#147;Act&#148;), that the
 Registrant&#146;s disclosure controls and procedures (as defined by Rule 30a-3(c)
 under the Act) 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></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">There were
 no changes in the Registrant&#146;s internal control over financial reporting (as
 defined in Rule 30a-3(d) under the Act) 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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Item 3 - Exhibits</font></p>
<p><font face="Times New Roman" size="2">Certifications pursuant to
 Rule 30a-2(a) under the Act 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">Royce Focus Trust, Inc.<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: May 16, 2006</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: May 16, 2006</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: May 16, 2006</font></p>
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<DOCUMENT>
<TYPE>EX-99.CERT
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<TEXT>
<p align="right"><font face="Times New Roman" size="2"><b>Ex-99.CERT</b></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>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
I have reviewed this report on Form N-Q of Royce Focus Trust, Inc.;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Based on my knowledge, this report does not contain any untrue statement of a material
 fact or omit to state a material fact necessary to make the statements made, in
 light of the circumstances under which such statements were made, not misleading
 with respect to the period covered by this report;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" valign="top" align="center"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">5.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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 directors
 (or persons performing the equivalent functions):</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(a)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">	</font></p>
<p><font face="Times New Roman" size="2">Date: May 16, 2006</font></p>
<p><font face="Times New Roman" size="2">/s/ Charles M. Royce<br>Charles M. Royce<br>President<br>Royce Focus
 Trust, Inc.</font></p>
<hr size="5" color="gray" noshade>
<br>
<page>
<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>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">1.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
I have reviewed this report on Form N-Q of Royce Focus Trust, Inc.;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">2.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
Based on my knowledge, this report does not contain any untrue statement of a material
 fact or omit to state a material fact necessary to make the statements made, in
 light of the circumstances under which such statements were made, not misleading
 with respect to the period covered by this report;</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">3.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">4.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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></td>
</tr>
<tr>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="1%" align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td width="4%" valign="top" align="center"><font face="Times New Roman" size="2">(a)</font></td>
<td width="1%"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(c)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(d)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="Times New Roman" size="2">5.</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" colspan="3" align="left"><font face="Times New Roman" size="2">
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 directors
 (or persons performing the equivalent functions):</font></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(a)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
<tr>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td align="left"><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="top" align="center"><font face="Times New Roman" size="2">(b)</font></td>
<td><font face="Times New Roman" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="Times New Roman" size="2">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></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Date: May 16, 2006</font></p>
<p><font face="Times New Roman" size="2">/s/ John D. Diederich<br>John D. Diederich<br>Treasurer<br>Royce
 Focus Trust, Inc.</font></p>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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