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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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<SEC-DOCUMENT>0000949377-09-000088.txt : 20090526
<SEC-HEADER>0000949377-09-000088.hdr.sgml : 20090525
<ACCEPTANCE-DATETIME>20090526103713
ACCESSION NUMBER:		0000949377-09-000088
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20090331
FILED AS OF DATE:		20090526
DATE AS OF CHANGE:		20090526
EFFECTIVENESS DATE:		20090526

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:		09850758

	BUSINESS ADDRESS:	
		STREET 1:		C/O ROYCE & ASSOCIATES, LLC
		STREET 2:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151
		BUSINESS PHONE:		2125084578

	MAIL ADDRESS:	
		STREET 1:		C/O ROYCE & ASSOCIATES, LLC
		STREET 2:		745 FIFTH AVENUE
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10151

	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>e89718.htm
<TEXT>
<p><font face="Times New Roman" size="2">UNITED STATES<br>SECURITIES AND EXCHANGE
 COMMISSION<br>Washington, D.C. 20549</font></p>
<p><font face="Times New Roman" size="2">FORM N-Q<br>QUARTERLY SCHEDULE OF PORTFOLIO
 HOLDINGS OF REGISTERED<br>MANAGEMENT INVESTMENT COMPANY</font></p>
<p><font face="Times New Roman" size="2">Investment Company Act file number: 811-05379</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left" nowrap><font face="serif" size="2">Name of Fund : </font></td>
<td align="left"><font face="serif" size="2">&#160;</font></td>
<td align="left"><font face="serif" size="2">Royce Focus Trust, Inc.</font></td>
</tr>
<tr>
<td width="8%" align="left" nowrap><font face="serif" size="2">Fund Address : </font></td>
<td width="1%" align="left"><font face="serif" size="2">&#160;</font></td>
<td align="left"><font face="serif" size="2">745 Fifth Avenue</font></td>
</tr>
<td align="left"><font face="serif" size="2">&#160;</font></td>
<td align="left"><font face="serif" size="2">&#160;</font></td>
<td align="left"><font face="serif" size="2">New York, NY 10151</font></td>
</tr>
</table>
<p><font face="Times New Roman" size="2">Name and address of agent for service:<br>
John E. Denneen, Esq.<br>Royce &#038; Associates, LLC<br>745 Fifth Avenue<br>New
 York, NY 10151</font></p>
<p><font face="Times New Roman" size="2">Registrant&#146;s telephone number, including
 area code: (212) 508-4500</font></p>
<p><font face="Times New Roman" size="2">Date of fiscal year end: 12/31/2009</font></p>
<p><font face="Times New Roman" size="2">Date of reporting period: 3/31/2009</font></p>
<div><hr size="5" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2">Item 1 - Schedule of Investments</font></p>
<p><font face="sans-serif" size="2">SCHEDULE OF INVESTMENTS<br>ROYCE FOCUS TRUST<br>MARCH 31, 2009 (UNAUDITED)</font></p>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>SHARES
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2" align="center"><font face="sans-serif" size="2">
<b>VALUE</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
COMMON STOCKS &#150; 95.7%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Consumer Products &#150; 9.8%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Apparel,
 Shoes and Accessories - 3.2%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Fossil <sup><a href="#page_a">a</a></sup></font></p></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font></td>
<td width="3%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%" valign="bottom" align="right"><font face="sans-serif" size="2">$</font></td>
<td width="5%" valign="bottom" align="right"><font face="sans-serif" size="2">1,570,000</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Timberland
 Company (The) Cl. A <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,194,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,764,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Food/Beverage/Tobacco
 - 2.9%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Industrias
 Bachoco ADR</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,124,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Sanderson
 Farms</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">35,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,314,250</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,438,250</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Health,
 Beauty and Nutrition - 1.5%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Nu Skin Enterprises Cl. A</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,258,800</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Sports
 and Recreation - 2.2%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Thor
 Industries</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,874,400</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">8,335,450</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Consumer Services &#150; 1.4%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Retail
 Stores - 1.4%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Men&#146;s Wearhouse (The)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">80,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,211,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,211,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>Diversified Investment Companies &#150; 1.6%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Exchange Traded Funds - 1.6%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">UltraShort 20+ Year Treasury ProShares <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,309,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,309,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Financial Intermediaries &#150; 4.3%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Banking
 - 1.0%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">BB
 Holdings <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">400,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">812,297</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Securities
 Brokers - 3.1%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Knight
 Capital Group Cl. A <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">180,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,653,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Other
 Financial Intermediaries - 0.2%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">KKR
 Financial Holdings <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">200,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">178,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,643,497</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Financial Services &#150; 5.8%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Investment
 Management - 5.8%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Endeavour
 Financial <sup><a href="#page_b">b</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">600,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">713,832</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Franklin
 Resources</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,346,750</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Sprott</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">500,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,804,410</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">U.S.
 Global Investors Cl. A</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">226,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,100,620</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,965,612</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Health &#150; 3.3%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Drugs
 and Biotech - 2.9%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Endo
 Pharmaceuticals Holdings <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,768,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Lexicon
 Pharmaceuticals <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">500,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">545,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">ULURU <sup><a href="#page_a">a</a></sup></font></p></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="3%" valign="bottom" align="right"><font face="sans-serif" size="2">1,000,009</font></td>
<td width="3%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="sans-serif" size="2">180,002</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,493,002</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Medical
 Products and Devices - 0.4%</font></p></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="3%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="3%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="5%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Caliper
 Life Sciences <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">352,300</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">348,777</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,841,779</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Industrial Products &#150; 24.5%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Building
 Systems and Components - 1.7%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Simpson
 Manufacturing</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">80,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,441,600</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Industrial
 Components - 1.4%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">GrafTech
 International <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">200,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,232,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Machinery
 - 2.6%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Lincoln
 Electric Holdings</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,584,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Woodward
 Governor</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">670,800</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,255,300</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Metal
 Fabrication and Distribution - 11.5%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Kennametal</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,621,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Nucor
 Corporation</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">25,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">954,250</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Reliance
 Steel &#038; Aluminum</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,633,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Schnitzer
 Steel Industries Cl. A</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,585,195</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Sims
 Metal Management ADR</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">250,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,980,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,773,445</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Miscellaneous
 Manufacturing - 1.9%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Rational</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,595,095</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Pumps,
 Valves and Bearings - 2.9%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Gardner
 Denver <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">60,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,304,400</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Pfeiffer
 Vacuum Technology</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,183,090</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,487,490</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Specialty
 Chemicals and Materials - 2.5%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Mosaic Company (The)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,099,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">20,883,930</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Industrial Services &#150; 5.6%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Commercial
 Services - 2.2%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">CRA
 International <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">40,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">755,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Korn/Ferry
 International <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,087,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,842,400</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Food,
 Tobacco and Agriculture - 2.3%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">CF
 Industries Holdings</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">15,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,066,950</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Intrepid
 Potash <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">922,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,989,450</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Transportation
 and Logistics - 1.1%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Arkansas
 Best</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">50,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">951,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">4,782,850</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Natural Resources &#150; 28.7%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Energy
 Services - 10.8%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Ensign
 Energy Services</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">250,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,165,292</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Major
 Drilling Group International</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,149,746</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Pason
 Systems</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">180,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,359,137</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Tesco
 Corporation <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">160,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,251,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Trican
 Well Service</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">240,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,225,888</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Unit
 Corporation <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,300</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,098,276</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,249,539</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Oil and Gas - 1.2%</font></p></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="3%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="3%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="5%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Exxon
 Mobil</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">15,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,021,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Precious
 Metals and Mining - 15.6%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Alamos Gold <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">250,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,798,461</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Allied
 Nevada Gold <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">200,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,170,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Fresnillo</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">200,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,311,243</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Gammon
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<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">250,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,617,500</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Ivanhoe
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<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">300,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,845,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Pan
 American Silver <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">180,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,135,600</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Silver
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<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">150,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">2,418,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">13,295,804</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Real
 Estate - 1.1%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">PICO
 Holdings <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">30,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">902,100</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">24,468,943</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Technology &#150; 9.0%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Aerospace
 and Defense - 1.7%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Ceradyne
 <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">80,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,450,400</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Components
 and Systems - 3.6%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Microsoft
 Corporation</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">70,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,285,900</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">MKS
 Instruments <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,760,400</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">3,046,300</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Semiconductors
 and Equipment - 1.4%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Sigma
 Designs <sup><a href="#page_a">a</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">100,325</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,248,043</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD">Telecommunications
 - 2.3%</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">ADTRAN</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">120,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,945,200</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">7,689,943</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Miscellaneous <sup><a href="#page_c">c</a></sup> &#150; 1.7%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
Total</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">1,435,332</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
TOTAL COMMON STOCKS</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $115,234,383)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">81,567,736</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
PREFERRED STOCK &#150; 6.9%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Kennedy-Wilson
 Conv. <sup><a href="#page_d">d</a>,<a href="#page_e">e</a></sup></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $9,000,000)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">9,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">5,892,849</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
REPURCHASE AGREEMENT &#150; 25.9%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">State Street
 Bank &#038; Trust Company,</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">0.13%
 dated 3/31/09, due 4/1/09,</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">maturity
 value $22,075,080 (collateralized</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">by
 obligations of various U.S. Government</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Agencies,
 5.25% due 6/12/09, valued at</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">$22,630,578)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $22,075,000)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">22,075,000</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>COLLATERAL RECEIVED FOR SECURITIES LOANED &#150; 0.2%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Money Market
 Funds</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">Federated
 Government Obligations Fund</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(7
 day yield-0.371%)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $113,476)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">113,476</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
TOTAL INVESTMENTS &#150; 128.7%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left"><p style="margin-left:20px; text-indent:-10px;"><font face="sans-serif" size="2">(Cost $146,422,859)</font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">109,649,061</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" colspan="3" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>CASH AND OTHER ASSETS LESS LIABILITIES &#150; 0.6%</b></font></p></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="5%" valign="bottom" align="right"><font face="sans-serif" size="2">555,810</font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left" colspan="4"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>

<tr>
<td valign="bottom" colspan="3" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
PREFERRED STOCK &#150; (29.3)%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2">(25,000,000</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">)</font></td>
</tr>
<tr>
<td align="left" colspan="3"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="1" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td valign="bottom" align="left" colspan="3"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2" color="#003CAD"><b>
NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS &#150; 100.0%</b></font></p></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2"><b>$</b></font></td>
<td valign="bottom" align="right"><font face="sans-serif" size="2"><b>85,204,871
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left" colspan="3"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="2"><hr size="2" color="#000000" noshade></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="2%" valign="top" align="left"><font face="sans-serif" size="2"><sup><a name="page_a"></a>a</sup></font></td>
<td width="1%"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Non-income
 producing.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="sans-serif" size="2"><sup><a name="page_b"></a>b</sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><p align="Justify"><font face="sans-serif" size="2">All or a portion
 of these securities were on loan at March 31, 2009. Total market value of loaned
 securities at March 31, 2009 was $108,238.</font></p></td>
</tr>
<tr>
<td valign="top" align="left"><font face="sans-serif" size="2"><sup><a name="page_c"></a>c</sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Includes securities
 first acquired in 2009 and less than 1% of net assets applicable to Common Stockholders.</font></td>
</tr>
<tr>
<td valign="top" align="left"><font face="sans-serif" size="2"><sup><a name="page_d"></a>d</sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="sans-serif" size="2">A security
 for which market quotations are not readily available represents 6.9% of net assets.
 This security has been valued at its fair value under procedures established by
 the Fund&#146;s Board of Directors.</font></p></td>
</tr>
<tr>
<td valign="top" align="left"><font face="sans-serif" size="2"><sup><a name="page_e"></a>e</sup></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><P align="justify"><font face="sans-serif" size="2">This security,
 and the common stock into which the security is convertible, are not and will not
 be registered under the Securities Act of 1933 and related rules (&#147;restricted
 security&#148;). Accordingly, such securities may not be offered, sold, transferred
 or delivered, directly or indirectly, unless (i) such shares are registered under
 the Securities Act and any other applicable state securities laws, or (ii) an exemption
 from registration under the Securities Act and any other applicable state securities
 laws is available.</font></p></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Number</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Acquisition</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Fair Value at</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Percent of Net</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Distributions</b></font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Security</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>of Shares
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Date</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Cost</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>3/31/2009
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Assets
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Received
</b></font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="13"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td width="3%" align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left" nowrap><font face="sans-serif" size="2">Kennedy-Wilson Conv.</font></td>
<td width="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="sans-serif" size="2">9,000</font></td>
<td width="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="sans-serif" size="2">5/08</font></td>
<td width="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="sans-serif" size="2">$9,000,000</font></td>
<td width="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="sans-serif" size="2">$5,892,849</font></td>
<td width="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="sans-serif" size="2">6.9%</font></td>
<td width="2%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="12%" valign="bottom" align="center"><font face="sans-serif" size="2">$157,500</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="13"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="3%" align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="sans-serif" size="2"><b>TAX
 INFORMATION:</b>&#160;The cost of total investments for Federal income tax purposes was $146,422,859.
 At March 31, 2009, net unrealized depreciation for all securities was $(36,773,798),
 consisting of aggregate gross unrealized appreciation of $5,737,082 and aggregate
 gross unrealized depreciation of $42,510,880. The primary difference between book
 and tax basis cost is the timing of the recognition of losses on securities sold.</font></p></td>
</tr>
<tr>
<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 align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><b>Valuation
 of Investments:</b></font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><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 (NYSE) (generally 4:00 p.m. Eastern
 time) on the valuation date. Securities that trade on an exchange, 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 highest bid price, except in the case of some bonds and other
 fixed income securities which may be valued by reference to other securities with
 comparable ratings, interest rates and maturities, using established independent
 pricing services. The Fund values its non-U.S. dollar denominated securities in
 U.S. dollars daily at the prevailing foreign currency exchange rates as quoted by
 a major bank. 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. In addition, if, between the time trading ends on a particular security
 and the close of the customary trading session on the NYSE, events occur that are
 significant and may make the closing price unreliable, the Fund may fair value the
 security. The Fund uses an independent pricing service to provide fair value estimates
 for relevant non-U.S. equity securities on days when the U.S. market volatility
 exceeds a certain threshold. This pricing service uses proprietary correlations
 it has developed between the movement of prices of non-U.S. equity securities and
 indices of U.S.-traded securities, futures contracts and other indications to estimate
 the fair value of relevant non-U.S. securities. When fair value pricing is employed,
 the prices of securities used by the Fund may differ from quoted or published prices
 for the same security. Investments in money market funds are valued at net asset
 value per share.</font></p></td>
</tr>
<tr>
<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 align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Various inputs
 are used in determining the value of the Fund&#146;s investments, as noted above.
 These inputs are summarized in the three broad levels below:</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td width="5%" align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">Level 1 &#150;
 quoted prices in active markets for identical securities</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><p style="margin-left:10px; text-indent:-10px;"><font face="sans-serif" size="2">Level 2 &#150;
 other significant observable inputs (including quoted prices for similar securities,
 foreign securities that may be fair valued and repurchase agreements)</font></p></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">Level 3 &#150;
 significant unobservable inputs (including the Fund&#146;s own assumptions in determining
 the fair value of investments)</font></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<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">The inputs
 or methodology used for valuing securities are not necessarily an indication of
 the risk associated with investing in those securities.</font></td>
</tr>
<tr>
<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 align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2">The following
 is a summary of the inputs used to value the Fund&#146;s investments as of March
 31, 2009:</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Level
 1</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Level
 2</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Level
 3</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Total
</b></font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="7"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td width="3%" align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2">$65,735,412</font></td>
<td width="8%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="20%" valign="bottom" align="center"><font face="sans-serif" size="2">$38,020,800</font></td>
<td width="8%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="18%" valign="bottom" align="center"><font face="sans-serif" size="2">$5,892,849</font></td>
<td width="8%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="18%" valign="bottom" align="center"><font face="sans-serif" size="2">$109,649,061</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="7"><hr size="1" color="#000000" noshade></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">Level 3 Reconciliation:</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="sans-serif" size="2"><b>Change in unrealized appreciation</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" nowrap align="center"><font face="sans-serif" size="2"><b>Balance
 as of 12/31/08</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>(depreciation)</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2"><b>Purchases
</b></font></td>
<td><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center" nowrap><font face="sans-serif" size="2"><b>Balance
 as of 3/31/09</b></font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="7"><hr size="1" color="#000000" noshade></td>
</tr>
<tr>
<td width="3%" align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="center"><font face="sans-serif" size="2">$7,285,707</font></td>
<td width="8%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="20%" valign="bottom" align="center"><font face="sans-serif" size="2">$(1,392,858)</font></td>
<td width="8%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="18%" valign="bottom" align="center"><font face="sans-serif" size="2">$0</font></td>
<td width="8%"><font face="sans-serif" size="1">&#160;</font></td>
<td width="18%" valign="bottom" align="center"><font face="sans-serif" size="2">$5,892,849</font></td>
</tr>
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" colspan="7"><hr size="1" color="#000000" noshade></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="100%">
<tr>
<td align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom" align="left"><font face="sans-serif" size="2"><b>Repurchase
 Agreements:</b></font></td>
</tr>
<tr>
<td width="3%" align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><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></p></td>
</tr>
<tr>
<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 align="left"><font face="sans-serif" size="1">&#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"><p align="justify"><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 cash equivalents and invested temporarily by the custodian. The collateral
 maintained is 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. The Fund retains the risk of any loss on the securities on loan
 as well as incurring the potential loss on investments purchased with cash collateral
 received for securities lending.</font></p></td>
</tr>
<tr>
<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 align="left"><font face="sans-serif" size="1">&#160;</font></td>
<td valign="bottom"><p align="justify"><font face="sans-serif" size="2">Other information
 regarding the Fund is available in the Fund&#146;s most recent Prospectus and Report
 to Stockholders. 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></p></td>
</tr>
</table>
<br>
<div><hr size="5" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<p><font face="Times New Roman" size="2">Item 2 - Controls and Procedures<br>(a)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
  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></p>
<p align="right"><font face="Times New Roman" size="2"> </font></p>
<p><font face="Times New Roman" size="2">(b)&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;  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></p>
<p><font face="Times New Roman" size="2">Item 3 - Exhibits</font></p>
<p><font face="Times New Roman" size="2">&#160;&#160;&#160;&#160;&#160;Certifications
 pursuant to Rule 30a-2(a) under the Act are attached hereto.</font></p>
<div><hr size="5" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->
<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:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u><br>Charles
 M. Royce<br>President, Royce Focus Trust, Inc.<br>Date:&#160; May __, 2009</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:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u><br>Charles M. Royce<br>President, Royce Focus Trust, Inc.<br>Date:&#160; May __, 2009</font></p>
<p><font face="Times New Roman" size="2">By:</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ John D. Diederich</u><br>John D.
 Diederich<br>Treasurer, Royce Focus Trust, Inc.<br>Date:&#160; May __, 2009</font></p>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>e89718_ex99cert.htm
<TEXT>
<html>
<body>
<p><font face="Times New Roman" size="2">CERTIFICATION</font></p>
<p><font face="Times New Roman" size="2">I, Charles M. Royce, certify that:</font></p>
<p><font face="Times New Roman" size="2">1. I have reviewed this report on Form N-Q
 of Royce Focus Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3. Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Times New Roman" size="2">4. The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the Registrant and have:</font></p>
<p><font face="Times New Roman" size="2">(a) Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the Registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">(b) Designed such internal control over
 financial reporting, or caused such internal control over financial reporting to
 be designed under our supervision, to provide reasonable assurance regarding the
 reliability of financial reporting and the preparation of financial statements for
 external purposes in accordance with generally accepted accounting principles;</font></p>
<p><font face="Times New Roman" size="2">(c) Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p><font face="Times New Roman" size="2">(d) Disclosed in this report any change
 in the Registrant&#146;s internal control over financial reporting that occurred
 during the Registrant&#146;s most recent fiscal quarter that has materially affected,
 or is reasonably likely to materially affect, the Registrant&#146;s internal control
 over financial reporting; and</font></p>
<br>
<div><hr size="5" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2">5. 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></p>
<p><font face="Times New Roman" size="2">(a) All significant deficiencies and material
 weaknesses in the design or operation of internal control over financial reporting
 which are reasonably likely to adversely affect the Registrant&#146;s ability to
 record, process, summarize, and report financial information; and</font></p>
<p><font face="Times New Roman" size="2">(b) Any fraud, whether or not material,
 that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</font></p>
<p><font face="Times New Roman" size="2">Date:&#160; May __, 2009</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ Charles M. Royce</u><br>Charles M. Royce<br>President<br>Royce Focus Trust, Inc.</font></p>
<br>
<div><hr size="5" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--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>
<p><font face="Times New Roman" size="2">1. I have reviewed this report on Form N-Q
 of Royce Focus Trust, Inc.;</font></p>
<p><font face="Times New Roman" size="2">2. Based on my knowledge, this report does
 not contain any untrue statement of a material fact or omit to state a material
 fact necessary to make the statements made, in light of the circumstances under
 which such statements were made, not misleading with respect to the period covered
 by this report;</font></p>
<p><font face="Times New Roman" size="2">3. Based on my knowledge, the schedule of
 investments included in this report, fairly present in all material respects the
 investments of the Registrant as of the fiscal quarter for which the report is filed;</font></p>
<p><font face="Times New Roman" size="2">4. The Registrant&#146;s other certifying
 officer(s) and I are responsible for establishing and maintaining disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of
 1940) and internal control over financial reporting (as defined in Rule 30a-3(d)
 under the Investment Company Act of 1940) for the Registrant and have:</font></p>
<p><font face="Times New Roman" size="2">(a) Designed such disclosure controls and
 procedures, or caused such disclosure controls and procedures to be designed under
 our supervision, to ensure that material information relating to the Registrant,
 including its consolidated subsidiaries, is made known to us by others within those
 entities, particularly during the period in which this report is being prepared;</font></p>
<p><font face="Times New Roman" size="2">(b) Designed such internal control over
 financial reporting, or caused such internal control over financial reporting to
 be designed under our supervision, to provide reasonable assurance regarding the
 reliability of financial reporting and the preparation of financial statements for
 external purposes in accordance with generally accepted accounting principles;</font></p>
<p><font face="Times New Roman" size="2">(c) Evaluated the effectiveness of the Registrant&#146;s disclosure controls and procedures and presented in this report our conclusions
 about the effectiveness of the disclosure controls and procedures, as of a date
 within 90 days prior to the filing date of this report based on such evaluation;
 and</font></p>
<p><font face="Times New Roman" size="2">(d) Disclosed in this report any change
 in the Registrant&#146;s internal control over financial reporting that occurred
 during the Registrant&#146;s most recent fiscal quarter that has materially affected,
 or is reasonably likely to materially affect, the Registrant&#146;s internal control
 over financial reporting; and</font></p>
<br>
<div><hr size="5" color="gray" noshade></div>
<br clear="all" style="page-break-before:always;">
<!--page-->

<p><font face="Times New Roman" size="2">5. 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></p>
<p><font face="Times New Roman" size="2">(a) All significant deficiencies and material
 weaknesses in the design or operation of internal controls over financial reporting
 which are reasonably likely to adversely affect the Registrant&#146;s ability to
 record, process, summarize, and report financial information; and</font></p>
<p><font face="Times New Roman" size="2">(b) Any fraud, whether or not material,
 that involves management or other employees who have a significant role in the Registrant&#146;s internal control over financial reporting.</font></p>
<p><font face="Times New Roman" size="2">Date:&#160; May __, 2009</font></p>
<p><font face="Times New Roman" size="2"><u>/s/ John D. Diederich</u><br>John D. Diederich<br>Treasurer<br>Royce Focus Trust, Inc.</font></p>
</body>
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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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