<SEC-DOCUMENT>0000949377-11-000315.txt : 20110526
<SEC-HEADER>0000949377-11-000315.hdr.sgml : 20110526
<ACCEPTANCE-DATETIME>20110526110258
ACCESSION NUMBER:		0000949377-11-000315
CONFORMED SUBMISSION TYPE:	N-Q
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20110331
FILED AS OF DATE:		20110526
DATE AS OF CHANGE:		20110526
EFFECTIVENESS DATE:		20110526

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:		11872940

	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>d28198.htm
<DESCRIPTION>N-Q
<TEXT>
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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">UNITED STATES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Washington, D.C. 20549</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">FORM N-Q</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">MANAGEMENT INVESTMENT COMPANY</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Investment Company Act File Number: 811-05379</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Name of Fund: Royce Focus Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Fund Address: 745 Fifth Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: 0.5in"> New York, NY 10151</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Name and address of agent for service:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">John E. Denneen, Esq.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce &amp; Associates, LLC</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">745 Fifth Avenue</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">New York, NY 10151</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Registrant&rsquo;s telephone number, including area code: (212)
508-4500</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of fiscal year end: 12/31/2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date of reporting period: 3/31/2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Item 1 - Schedule of Investments</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<PAGE>

<P align=justify><FONT SIZE=2 FACE="ARIAL">SCHEDULE OF
INVESTMENTS <BR>
ROYCE FOCUS TRUST <BR>
MARCH 31, 2011 (UNAUDITED) </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="12%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>SHARES</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD COLSPAN=2 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>VALUE</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>COMMON STOCKS &#150; 99.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>Consumer Discretionary &#150; 7.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Automobiles
 - 1.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Thor Industries</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,003,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Specialty Retail
 - 4.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Buckle (The)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,848,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">GameStop Corporation Cl. A <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">150,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,378,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">8,226,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Textiles,
 Apparel &amp; Luxury Goods - 1.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Timberland Company (The) Cl. A <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,477,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">13,706,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>Consumer Staples &#150; 5.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Food
 Products - 4.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Cal-Maine Foods</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,212,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Industrias Bachoco ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,495,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sanderson Farms</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,984,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,693,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Personal
 Products - 0.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Nu Skin Enterprises Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,725,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">9,418,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>Energy &#150; 13.2%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Energy
 Equipment &amp; Services - 11.9%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ensco ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,338,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Helmerich &amp; Payne</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,121,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pason Systems</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">170,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,761,733</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Tesco Corporation <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,634,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Trican Well Service</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,515,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Unit Corporation <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,717,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,087,863</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Oil, Gas
 &amp; Consumable Fuels - 1.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Exxon Mobil</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">30,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,523,900</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">24,611,763</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>Financials &#150; 18.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Capital
 Markets - 12.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Ashmore Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">650,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,455,606</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Franklin Resources</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">45,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,628,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">INTL FCStone <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">65,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,652,300</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Knight Capital Group Cl. A <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">175,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,345,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Partners Group Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,911,813</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Sprott</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">350,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,274,368</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">U.S. Global Investors Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">147,849</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,199,055</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Value Partners Group</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,023,700</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">22,490,442</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Diversified
 Financial Services - 0.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">PICO Holdings <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,503,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Insurance -
 3.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Berkshire Hathaway Cl. B <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,690,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Real Estate Management &amp; Development - 2.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Kennedy-Wilson Holdings <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">400,771</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,352,373</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">35,036,215</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>Health Care &#150; 1.5%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Pharmaceuticals
 - 1.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Endo Pharmaceuticals Holdings <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,862,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,862,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>Industrials &#150; 9.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Building
 Products - 1.8%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Simpson Manufacturing</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,473,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">WaterFurnace Renewable Energy</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">70,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,758,845</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,231,845</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Construction
 &amp; Engineering - 1.4%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Jacobs Engineering Group <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,571,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Electrical
 Equipment - 1.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">GrafTech International <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,475,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Machinery - 4.0%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Lincoln Electric Holdings</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">25,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,898,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pfeiffer Vacuum Technology</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">15,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,104,116</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Semperit AG Holding</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">60,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,490,137</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,492,253</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Road &amp;
 Rail - 1.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Patriot Transportation Holding <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">90,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,407,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">18,178,698</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>Information Technology &#150; 19.3%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Computers
 &amp; Peripherals - 4.2%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">SanDisk Corporation <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">40,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,843,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Western Digital <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,966,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">7,810,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Semiconductors
 &amp; Semiconductor Equipment - 12.6%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Aixtron ADR</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,510,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Analog Devices</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">130,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,119,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">MKS Instruments</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">156,718</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,218,709</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Teradyne <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,562,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Varian Semiconductor Equipment Associates <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">125,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">6,083,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">23,494,259</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Software -
 2.5%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Microsoft Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">180,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,564,800</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;



 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">35,869,059</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>Materials &#150; 24.4%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Chemicals -
 2.1%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Mosaic Company (The)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,937,500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL">Metals &amp;
 Mining - 22.3%</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Alamos Gold</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">120,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,898,711</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Allied Nevada Gold <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">150,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,322,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Centamin Egypt <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,200,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,599,278</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Endeavour Mining <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,949,974</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Fresnillo</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,856,459</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Major Drilling Group International</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">270,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,586,797</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Nucor Corporation</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">50,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">2,301,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Orbit Garant Drilling <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">300,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">1,655,493</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Pan American Silver</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">100,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">3,713,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Reliance Steel &amp; Aluminum</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">80,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,622,400</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Schnitzer Steel Industries Cl. A</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">75,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">4,875,750</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">Seabridge Gold <SUP><a href="#a">a</a></SUP></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">160,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">5,091,200</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">41,472,062</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="004b8e" FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">45,409,562</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 color="#004b8e" FACE="ARIAL"><B>TOTAL COMMON STOCKS</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">(Cost $132,530,894)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">185,091,997</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>REPURCHASE AGREEMENT &#150; 13.8%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">State Street Bank &amp; Trust Company,<br>
 0.04% dated 3/31/11, due 4/1/11,<br> maturity value $25,724,029 (collateralized<br>
 by obligations of various U.S. Government<br> Agencies, due 6/21/11, valued at
 $26,370,000)<BR>
 (Cost $25,724,000)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">25,724,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>TOTAL INVESTMENTS &#150; 113.3%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 FACE="ARIAL">(Cost $158,254,894)</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">210,815,997</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>CASH AND OTHER ASSETS <BR>LESS LIABILITIES &#150;
 0.1%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">282,576</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>PREFERRED STOCK &#150; (13.4)%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL">(25,000,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">)</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="1" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT COLOR="#004B8E" SIZE=2 FACE="ARIAL"><B>NET ASSETS APPLICABLE TO COMMON<BR>
 STOCKHOLDERS &#150; 100.0%</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL"><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 FACE="ARIAL"><B>186,098,573</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM><HR SIZE="2" COLOR=BLACK NOSHADE>&nbsp;

 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 </TR>
</TABLE>

<P align=justify><FONT SIZE=2 FACE="ARIAL"><SUP><a name="a"></a>a</SUP>&nbsp;Non-income producing. </FONT></P>
<DIV STYLE="Margin-Left: 7pt">
<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE="ARIAL"><B>TAX INFORMATION: </B>The
cost of total investments for Federal income tax purposes was $158,254,894. At
March 31, 2011, net unrealized appreciation for all securities was $52,561,103,
consisting of aggregate gross unrealized appreciation of $56,726,181 and
aggregate gross unrealized depreciation of $4,165,078. </FONT></P>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE="ARIAL"><B>Valuation of Investments: </B><br>

<FONT SIZE=2 FACE="ARIAL">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 approved 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>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE="ARIAL">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></P>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" STYLE="width: 98%">
 <TR STYLE="FONT-SIZE:14PX">
 <TD STYLE="width: 42px; vertical-align: top"><P align=justify>&nbsp;</P></TD>
 <TD STYLE="width: 20px; vertical-align: center"><P align=justify>&nbsp;</P></TD>
 <TD STYLE="width: 700px; vertical-align: top"><P align=justify>&nbsp;</P></TD>
 </TR>

 <TR>

 <TD NOWRAP STYLE="vertical-align: top"><P align=left><FONT SIZE=2 FACE="ARIAL">Level 1</FONT></P>
 </TD>
 <TD NOWRAP STYLE="vertical-align: top"><P align=center><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>

 <TD STYLE="vertical-align: top">
 <P align=justify><FONT SIZE=2 FACE="ARIAL">quoted
 prices in active markets for identical securities. </FONT></P>
 </TD>
 </TR>


 <TR>
 <TD STYLE="vertical-align: top"><P align=left><FONT SIZE=2 FACE="ARIAL">Level 2</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top"><P align=center><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>

 <TD STYLE="vertical-align: top">
 <P align=justify><FONT SIZE=2 FACE="ARIAL">other
 significant observable inputs (including quoted prices for similar
 securities, foreign securities that may be fair valued and repurchase
 agreements). The table below includes all Level 2 securities. Any Level 2
 securities with values based on quoted prices for similar securities would be
 noted in the Schedule of Investments. </FONT></P>
 </TD>
 </TR>

 <TR>

 <TD STYLE="vertical-align: top"><P align=left><FONT SIZE=2 FACE="ARIAL">Level 3</FONT></P>
 </TD>
 <TD STYLE="vertical-align: top"><P align=center><FONT SIZE=2 FACE="ARIAL">&#150;</FONT></P>
 </TD>

 <TD STYLE="vertical-align: top">
 <P align=justify><FONT SIZE=2 FACE="ARIAL">significant
 unobservable inputs (including the Fund&#146;s own assumptions in
 determining the fair value of investments).</FONT></P>
 </TD>
 </TR>
<TR STYLE="FONT-SIZE:14PX">
 <TD STYLE="vertical-align: top"><P align=justify>&nbsp;</P></TD>
 </TR>
</TABLE>


<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE="ARIAL">The inputs or methodology used
 for valuing securities are not necessarily an indication of the risk
 associated with investing in those securities. </font></p>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE="ARIAL">The following
is a summary of the inputs used to value the Fund&#146;s investments as of March
31, 2011. For a detailed breakout of common stocks by sector classification,
please refer to the Schedule of Investments. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="34%" VALIGN=BOTTOM>
 <P align=justify>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="3%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="8%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM >
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Level 1</B></FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Level 2</B></FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Level 3</B></FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
<TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL"><B>Total</B></FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM>
 <P STYLE="Margin-Left: 4pt"><FONT SIZE=2 FACE="ARIAL">Common stocks</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">$143,249,238</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">$41,842,759</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">$&#150;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=2 FACE="ARIAL">&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">$185,091,997</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P STYLE="Margin-Left: 4pt"><FONT SIZE=2 FACE="ARIAL">Cash equivalents</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&nbsp;&nbsp;25,724,000</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&nbsp;&nbsp;&#150;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 FACE="ARIAL">&nbsp;&nbsp;&nbsp;25,724,000</FONT></P>
 </TD>
 <TD style='border-bottom: solid windowtext 1.5pt' VALIGN=BOTTOM>
 <P align=justify><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
</TABLE>
<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE="ARIAL"><B>Repurchase Agreements: <BR></B>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>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE="ARIAL"><B>Securities Lending: <BR></B>The Fund loans securities to qualified institutional
investors for the purpose of realizing additional income. Collateral for the
Fund on all securities loaned 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>

<P ALIGN="JUSTIFY"><FONT SIZE=2 FACE="ARIAL">Other information regarding the Fund is available in the Fund&#146;s most
recent Report to Stockholders. This information is available through The Royce
Funds (<u>www.roycefunds.com</u>) and on the Securities and Exchange Commission&#146;s
website (www.sec.gov). </FONT></P>
</DIV>
<HR NOSHADE ALIGN=CENTER WIDTH="100%" SIZE=5>


<PAGE>

<P STYLE="margin: 0"></P>

<P STYLE="margin: 0"></DIV>
    <DIV STYLE="margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Item 2 - Controls and Procedures</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(a) &#9; &#9;The Registrant&rsquo;s principal executive and principal
financial officers have concluded, based on their evaluation of the Registrant&rsquo;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 &ldquo;Act&rdquo;)), that the Registrant&rsquo;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&rsquo;s management, including its
principal executive and principal financial officers, as appropriate to allow timely decisions regarding required disclosure.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"> &#9; &#9;&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) &#9; &#9;There were no changes in the Registrant&rsquo;s internal
control over financial reporting (as defined in Rule 30a-3(d) under the Act) during the Registrant&rsquo;s last fiscal quarter
that have materially affected, or are reasonably likely to materially affect, the internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Item 3 - Exhibits</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-indent: 0.5in">Certifications pursuant to Rule 30a-2(a) under
the Act are attached hereto.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">SIGNATURES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce Focus Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/Charles M. Royce </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Charles M. Royce</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">President, Royce Focus Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-bottom: 6pt">&nbsp;</DIV>
<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>
    <DIV STYLE="page-break-before: always; margin-top: 6pt">&nbsp;</DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/Charles M. Royce </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Charles M. Royce</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">President, Royce Focus Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">By:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/John D. Diederich</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">John D. Diederich</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Treasurer, Royce Focus Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>


</BODY></HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.CERT
<SEQUENCE>2
<FILENAME>d28198_ex99cert.htm
<DESCRIPTION>EX-99.CERT
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">CERTIFICATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, Charles M. Royce, certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1. I have reviewed this report on Form N-Q of Royce Focus Trust,
Inc.;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4. The Registrant'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:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(c) Evaluated the effectiveness of the Registrant'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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(d) Disclosed in this report any change in the Registrant's internal
control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>
<!-- Field: Page; Sequence: 1 -->
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    <!-- Field: /Page -->




<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">5. The Registrant's other certifying officer(s) and I have disclosed
to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent
functions):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(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's
ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/Charles M. Royce </U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Charles M. Royce</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">President</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce Focus Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<HR ALIGN="LEFT" WIDTH="100%" SIZE="5" NOSHADE>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 2 -->
    <DIV STYLE="margin-top: 24pt; margin-bottom: 6pt">&nbsp;</DIV>
    <DIV STYLE="page-break-before: always; margin-top: 6pt; margin-bottom: -12pt">&nbsp;</DIV>
    <!-- Field: /Page -->


<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">CERTIFICATION</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">I, John D. Diederich, certify that:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">1. I have reviewed this report on Form N-Q of Royce Focus Trust,
Inc.;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">4. The Registrant'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:</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(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;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(c) Evaluated the effectiveness of the Registrant'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</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(d) Disclosed in this report any change in the Registrant's internal
control over financial reporting that occurred during the Registrant's most recent fiscal quarter that has materially affected,
or is reasonably likely to materially affect, the Registrant's internal control over financial reporting; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">5. The Registrant's other certifying officer(s) and I have disclosed
to the Registrant's auditors and the audit committee of the Registrant's board of directors (or persons performing the equivalent
functions):</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(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's
ability to record, process, summarize, and report financial information; and</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">(b) Any fraud, whether or not material, that involves management
or other employees who have a significant role in the Registrant's internal control over financial reporting.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Date: May 24, 2011</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0"><U>/s/John D. Diederich</U></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">John D. Diederich</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Treasurer</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">Royce Focus Trust, Inc.</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>



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