<SEC-DOCUMENT>0000949377-12-000199.txt : 20120302
<SEC-HEADER>0000949377-12-000199.hdr.sgml : 20120302
<ACCEPTANCE-DATETIME>20120302105345
ACCESSION NUMBER:		0000949377-12-000199
CONFORMED SUBMISSION TYPE:	N-CSR
PUBLIC DOCUMENT COUNT:		25
CONFORMED PERIOD OF REPORT:	20111231
FILED AS OF DATE:		20120302
DATE AS OF CHANGE:		20120302
EFFECTIVENESS DATE:		20120302

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-CSR
		SEC ACT:		1940 Act
		SEC FILE NUMBER:	811-05379
		FILM NUMBER:		12661260

	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-CSR
<SEQUENCE>1
<FILENAME>d29229.htm
<DESCRIPTION>N-CSR
<TEXT>
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<P style="line-height:normal; margin:0px; font-size:18pt" align=center><B>UNITED STATES <BR>
SECURITIES AND EXCHANGE COMMISSION <BR>
</B><FONT style="font-size:14pt">Washington, D.C. 20549 </FONT></P>
<P style="margin:0px" align=center><BR></P>
<P style="line-height:20pt; margin:0px; font-size:18pt" align=center><B>FORM N-CSR</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CERTIFIED SHAREHOLDER REPORT </B></P>
<P style="margin:0px" align=center><B>OF </B></P>
<P style="margin:0px" align=center><B>REGISTERED MANAGEMENT INVESTMENT COMPANIES </B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Investment Company Act file number: 811-05379</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Name of Registrant: Royce Focus Trust, Inc.</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Address of Registrant: 745 Fifth Avenue<BR>
New York, NY 10151</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:356px; text-indent:-356px">Name and address of agent for service:</P>
<P style="margin:0px; padding-left:356px">John E. Denneen, Esquire<BR>
745 Fifth Avenue<BR>
New York, NY 10151</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Registrant's telephone number, including area code: (212) 508-4500<BR>
Date of fiscal year end: December 31 <BR>
Date of reporting period: January 1, 2011 &#150; December 31, 2011</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><B>Item 1. Reports to Shareholders. </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR>
<BR></P>

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    <TD vAlign=top align=left bgColor=#004a8d rowSpan=3><a style="text-decoration:none" href="#rvt"><font face="Arial" color="#FFFFFF" size="2">Royce Value Trust</font></a><BR><br>
<FONT face=Arial color=#ffffff size=2><a style="text-decoration:none" href="#rmct"><font face="Arial" color="#FFFFFF" size="2">Royce Micro-Cap Trust</font></a><BR><BR><font color="#FFFFFF" size="2"><a style="text-decoration:none" href="#rft"><font face="Arial" color="#FFFFFF" size="2">Royce Focus Trust</font></a></TD>
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      size=7><B>ANNUAL</B></FONT></P></TD>
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<td align="left" valign="bottom"><font size="5" color="#004a8d" face="Times New Roman">A Few Words on Closed-End Funds</font></td>
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<td valign="bottom" colspan="2"><div align="justify"><font size="2" color="#004a8d" face="Arial"><b>Royce &amp; Associates, LLC manages three closed-end funds: Royce Value Trust, the first small-cap value
closed-end fund offering; Royce Micro-Cap Trust, the only micro-cap closed-end fund; and Royce Focus
Trust, a closed-end fund that invests in a limited number of primarily small-cap companies.</b></font></div></td>
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<td valign="bottom" colspan="2"><div align="justify"><font size="2"
face="Times New Roman">A closed-end fund is an investment company whose shares are listed and traded on a stock exchange. Like all investment
companies, including open-end mutual funds, the assets of a closed-end fund are professionally managed in accordance
with the investment objectives and policies approved by the Fund&#146;s Board of Directors. A closed-end fund raises cash for
investment by issuing a fixed number of shares through initial and other public offerings that may include shelf offerings
and periodic rights offerings. Proceeds from the offerings are invested in an actively managed portfolio of securities.
Investors wanting to buy or sell shares of a publicly traded closed-end fund after the offerings must do so on a stock
exchange, as with any publicly traded stock. This is in contrast to open-end mutual funds, in which the fund sells and
redeems its shares on a continuous basis.</font></div></td>

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<p style="margin-right: 10%;"><font size="4" color="#004a8d" face="Arial">A Closed-End Fund Offers Several Distinct Advantages Not Available from an
Open-End Fund Structure</font></p>
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<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">Since a closed-end fund does not issue redeemable
securities or offer its securities on a continuous basis, it
does not need to liquidate securities or hold uninvested
assets to meet investor demands for cash redemptions, as
an open-end fund must.</font></div></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">In a closed-end fund, not having to meet investor
redemption requests or invest at inopportune times is ideal
for value managers who attempt to buy stocks when prices
are depressed and sell securities when prices are high.</font></div></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">A closed-end fund may invest more freely in less liquid
portfolio securities because it is not subject to potential
stockholder redemption demands. This is particularly
beneficial for Royce-managed closed-end funds, which
invest in small- and micro-cap securities.</font></div></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">The fixed capital structure allows permanent leverage to be
employed as a means to enhance capital appreciation potential.</font></div></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">Unlike Royce&#146;s open-end funds, our closed-end funds are
able to distribute capital gains on a quarterly basis. The
Funds resumed the quarterly distribution policies for their
common stock, at a 5% annual rate, in March 2011.
Please see page 18-20 for more details.</font></div></td>
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<td colspan="2" valign="bottom"><div align="justify"><font size="2" color="#004a8d" face="Times New Roman"><i>We believe that the closed-end fund structure is very suitable
for the long-term investor who understands the benefits of a stable pool of capital.</i></font></div></td>
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<td align="left" valign="bottom"><font size="4" color="#004a8d" face="Arial">Why Dividend Reinvestment Is Important</font></td>
<td><font size="1" face="Times New Roman">&#160;</font></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">A very important component of an investor&#146;s total return comes from the reinvestment of distributions. By reinvesting
distributions, our investors can maintain an undiluted investment in a Fund. To get a fair idea of the impact of reinvested
distributions, please see the charts on pages 13, 15 and 17. For additional information on the Funds&#146; Distribution
Reinvestment and Cash Purchase Options and the benefits for stockholders, please see page 20 or visit our website at www.roycefunds.com.</font></div></td>
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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Annual Report to Stockholders</font></td>
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  <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Table of Contents</FONT></P>
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  <TD colspan=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;
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 <P><FONT SIZE=2 color="#004a8d" face="arial"><B>Annual Review</B></FONT></P>
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 <P><a style="text-decoration:none" href="#pt"><FONT SIZE=2 face="arial" color="#000000">Performance Table</FONT></a></P>
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 <P ALIGN=RIGHT><FONT SIZE=2 face="arial">2</FONT></P>
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 <P><a style="text-decoration:none" href="#los"><FONT SIZE=2 face="arial" color="#000000">Letter to Our Stockholders</FONT></a></P>
 </TD>
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 <P ALIGN=RIGHT><FONT SIZE=2 face="arial">3</font></P>
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 <P><a style="text-decoration:none" href="#wvd"><FONT SIZE=2 face="arial" color="#000000">Postscript: Why Volatility Is the Friend of Discipline</FONT></a></P>
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 <P ALIGN=RIGHT><FONT SIZE=2 face="arial">9</FONT></P>
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 <P><a style="text-decoration:none" href="#scm"><FONT SIZE=2 face="arial" color="#000000">Small-Cap Market Cycle Performance</FONT></a></P>
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 <P ALIGN=RIGHT><FONT SIZE=2 face="arial">10</FONT></P>
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 <P><a style="text-decoration:none" href="#quotes"><FONT SIZE=2 face="arial" color="#000000">2011: In Quotes</FONT></a></P>
 </TD>
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 <P ALIGN=RIGHT><FONT SIZE=2 face="arial">64</FONT></P>
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 <P><a style="text-decoration:none" href="#ar"><FONT SIZE=2 face="arial" color="#004a8d"><b>Annual Report to Stockholders</b></a></FONT></P>
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 <P ALIGN=RIGHT><FONT SIZE=2 face="arial">11</FONT></P>
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<p style="margin-right:10%" align="left"><font size="2" color="#004a8d"><i>For more than 35 years, we have used a value approach to invest in small-cap securities. We focus primarily on the quality of
a company&#146;s balance sheet, its ability to generate free cash flow and other measures of profitability or sound financial condition.
We then use these factors to assess the company&#146;s current worth, basing the assessment on either what we believe a knowledgeable
buyer might pay to acquire the entire company, or what we think the value of the company should be in the stock market.</i></font></p>


<br>
<P ALIGN=RIGHT style="margin-right:10%"><FONT SIZE=2><br><br><br><IMG SRC="page01.jpg" ALT="(MESSAGE)"></FONT></P>

<P align=right STYLE='MARGIN-RIGHT:10%; MARGIN-LEFT:0%'><FONT SIZE=1 color="#004a8d" face="arial">This page is not part of the 2011 Annual Report to Stockholders</font><FONT SIZE=1 color="#c3ce22" face="arial"> | </font><FONT SIZE=1 color="#004a8d" face="arial"> 1 </FONT></P>

<hr align=left width=90% color="gray" noshade="noshade" size="3">
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<td align="left" valign="bottom"><font size="5" color="#004a8d" face="Times New Roman"><a style="text-decoration:none" name="pt"></a>Performance Table</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="2" valign="bottom"><hr noshade="noshade" size="2" color="#004a8d"></td>
</tr>
</table><br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td align="left" valign="bottom"><font size="4" color="#004a8d" face="Arial">NAV Average
 Annual Total Returns</font></td>
<td><font size="1" face="Times New Roman">&#160;</font></td>
<td align="right" valign="bottom"><font size="3" color="#004a8d" face="Arial">Through December 31, 2011</font></td>
</tr>
</table><br>

<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr bgcolor="#004a8d">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Royce</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Royce</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Royce</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center"><font size="2" color="#ffffff" face="Arial"><b>Russell</b></font></td>
</tr>
<tr bgcolor="#004a8d">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Value Trust</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Micro-Cap Trust</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>Focus Trust</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>2000 Index</b></font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -7px;"><hr noshade="noshade" size="2" color="#c3ce22"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial"> One-Year</font></p></td>
<td width="1%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td width="3%" align="right" valign="bottom"><font size="2" face="Arial">-10.06</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font><font size="2" face="Arial">%</font></td>
<td width="9%"><font size="1" face="Arial">&#160;</font></td>
<td width="3%"><font size="1" face="Arial">&#160;</font></td>
<td width="3%" align="right" valign="bottom"><font size="2" face="Arial">-7.69</font></td>
<td width="3%"><font size="1" face="Arial">&#160;</font>%</td>
<td width="9%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td width="3%" align="right" valign="bottom"><font size="2" face="Arial">-10.51</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font><font size="2" face="Arial">%</font></td>
<td width="9%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td width="3%" align="right" valign="bottom"><font size="2" face="Arial">-4.18</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font><font size="2" face="Arial">%</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
Three-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">19.21</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20.22</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">18.83</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">15.63</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
Five-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.65</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.94</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.53</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.15</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
10-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.10</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.09</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.51</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">5.62</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
15-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.86</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.18</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.74</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.25</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial"> 20-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.24</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.52</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>

<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
25-Year </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.17</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.68</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>

<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">
Since Inception</font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.13</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.05</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.95</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>

<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="1" color="gray"></div></td>
</tr>
<tr>
<td align="left" valign="bottom"><p ><font size="2" color="#636466" face="Arial">Inception Date </font></p></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" face="Arial">11/26/86</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" face="Arial">12/14/93</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="2" face="Arial">11/1/96</font>
<a style="text-decoration:none" href="#p2-1"><font size="1" face="Arial" color="#000000"><sup>1</sup></a></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">n.a.</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="17" valign="bottom"><div style="margin-top: -2px;"><hr noshade="noshade" size="2" color="gray"></div></td>
</tr>
</table>
<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td width="1%"><font size="1" face="Times New Roman"><sup><a style="text-decoration:none" name="p2-1"></a>1</sup></font></td>
<td width="1%"><font size="1" face="Times New Roman">&#160;</font></td>
<td align="left" valign="bottom"><font size="2" face="Times New Roman">Date Royce &amp; Associates, LLC assumed investment management responsibility for the Fund.</font></td>
</tr>
</table>
<div style="margin-right: 10%;" align="justify"><font size="3" color="#004a8d" face="Arial"><b><br>Important Performance and Risk Information</b></font>
<font size="2" face="Times New Roman"><br>All performance information in this <i>Review and Report</i> reflects past performance, is presented on a total return basis and reflects the reinvestment of
distributions. Past performance is no guarantee of future results. Investment return and principal value of an investment will fluctuate, so that shares
may be worth more or less than their original cost when sold. Current performance may be higher or lower than performance quoted. Current month-end
performance may be obtained at www.roycefunds.com. Investments in securities of micro-cap, small-cap and/or mid-cap companies may involve
considerably more risk than investments in securities of larger-cap companies.</font></div>

<br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">
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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">2</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Annual Report to Stockholders</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
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<td align="left" valign="top"><div align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a style="text-decoration:none" name="los"></a>Letter to Our Stockholders</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d" width="100%"></div></td>
</tr>
<tr>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td valign="bottom"><div align="center"><img src="page03.jpg" width="100%"></div></td>
</tr>
<tr>
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="4" color="#004a8d" face="Arial">Capitulation</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">A few years ago, we wrote that markets resemble Tolstoy&#146;s families: All the happy ones are
alike, and all the unhappy ones are unhappy in their own way. The past calendar year&#146;s
stock market results, which place it mostly, but not entirely, in the &#147;unhappy&#148; category,
offer a striking example. One only has to compare it to recent years of poor performance
to see its singularity. In 2008, stock markets across the globe cratered as part of a global
financial crisis that saw once-mighty titans of Wall Street collapse. The crisis also had
the effect of worsening both a correction in housing prices and a worldwide recession.
(Of course, much of the globe&#146;s current difficulties in capital markets and economies
can be traced back to this event.) The crisis saw a widespread exit from stocks, with
major indexes in the U.S. and elsewhere posting sizable double-digit losses for the year.
Earlier in the decade, 2002 saw mostly negative results as the exploding Internet Bubble
and the lingering effects of the events of 9/11 led many investors to sell equities. Results
were mostly negative, but within a much larger range, depending on one&#146;s
exposure to Technology and related areas.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
We suspect that, unlike those of 2002 and 2008, the stock market of 2011
will be remembered not for cataclysmic events or the severity of its losses,
which weren&#146;t nearly as bad as one might think, but for its daily drama of
extreme volatility. <b>The days between late April and the end of the year saw
increasing numbers of investors opting to get out of equities, and stay out,
which resulted in a large-scale capitulation that rivaled anything we have</b></font></div></td> </tr>
</table>
<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>
<br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br><br>
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<td valign="bottom" width="5%">&nbsp;</td>
<td valign="bottom"><div align="left"><font size="2" face="Arial" color="#004a8d">We suspect that, unlike those of 2002
and 2008, the stock market of 2011
will be remembered not for cataclysmic
events or the severity of its losses,
which weren&#146;t nearly as bad as one
might think, but for its daily drama of
extreme volatility.</font></div></td>
</tr>
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<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Annual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">3</font></td>
</tr>
</table>
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<td align="right"><font size="1" color="#626366" face="Arial"><b>Charles M. Royce, President</b></font></td>
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<td nowrap="nowrap" valign="bottom"><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>When used in a financial context, the<br>
technical definition of &#145;correlation&#146;<br>
is &#147;a statistical measure of how two<br>
securities move in relation to one<br>
another.&#148; Recently, this typically<br>
obscure data point has moved into<br>
the lexicon of mainstream investors<br>
as it aptly describes the sort of<br>
stock market returns that we have<br>
experienced over the last few years.<br>
That is, returns have been highly<br>
&#147;correlated&#148; as the majority of stocks,<br>
irrespective of sector, industry, market<br>
cap, nation of origin or ostensible<br>
investment profile (i.e., value or<br>
growth), have either done well, as in<br>
2009 and 2010, or poorly, as they did<br>
in 2008 and 2011.<br>
<br>
Why is correlation important?<br>
Correlated markets present definite<br>
challenges for disciplined contrarian<br>
investors like ourselves. There is<br>
simply not much incremental reward<br>
for the contrary stance when share<br>
prices are rising or falling more or<br>
less indiscriminately throughout the<br>
world&#146;s stock markets. Our practice is<br>
to go against the grain by investing<br>
in companies or industries that<br>
most investors are neglecting while<br>
we ignore trendy or fast-growing<br>
segments of the market that others<br>
are championing. Our fundamental<br>
analysis seeks to identify discounts</i></b></font></div></td>
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<td align="left" valign="top"><div align="justify"><font size="5" color="#004a8d" face="Times New Roman">Letter to Our Stockholders</font></div>
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<td valign="bottom"><div align="justify"><font size="2" face="Times New
Roman"><b>seen during other recent bearish periods, when results were far, far worse. This last
point made the past year as fascinating as it was frustrating.</b> Investors fled or avoided
stocks for many reasons&#8212;because they lacked confidence in political leaders both here
at home and abroad to deal effectively with the challenges of stimulating the economy
and responsibly coping with enormous debt; because they couldn&#146;t bear the barrage of
headlines with their seemingly endless parade of bad news; and because they simply ran out
of patience with the daily jumps and dives of a market struggling to make sense of it all.

<br>&#160;&#160;&#160;&#160;&#160;Absent from this list is the state of the companies themselves. <b>We would humbly suggest
that the most relevant reasons why one would choose to invest in a business&#8212;its merits
as a company, its prospects and the relationship these have to its stock price&#8212;were
largely, if not wholly neglected through the market&#146;s most tumultuous months.</b> Again,
this was unlike 2002, which for many Internet companies was an &#147;Emperor&#146;s New Clothes&#148;
moment, and 2008, when the threat was systemic and fundamentals were, at least at the
most tense moments, irrelevant. The disconnect between stock prices and fundamentals
for many companies, including many small-caps, remains wide as we enter 2012. While
this created no end of short-term disappointments for us&#8212;2011 being one of the most
challenging years for The Royce Funds in our history&#8212;it has also provided ample seeding
for what we hope will be a bountiful harvest in the years to come. Following a recap of 2011
performance, we will offer a more detailed explanation of our optimism below.</font>
<br><br><font size="4" color="#004a8d"
face="Arial">Correlation</font><br><font size="2" face="Times
New Roman">Perhaps the most notable thing about 2011 was how little returns shifted in the U.S.
markets. High volatility was the order of the day through much of the year across most
of the globe and was very much in evidence between August and the end of December.
However, by the time the year ended, the major U.S. indexes posted returns that felt less
like a bang than a whimper. After a solidly positive first half, the small-cap Russell 2000
Index came through the wild second half with a loss of 9.8%. For the same period, its
large-cap counterparts, the Russell 1000 and S&amp;P 500 Indexes, lost less, down 4.6% and
3.7%, respectively, while the more tech-laden Nasdaq Composite declined 6.1%.<br>&#160;&#160;&#160;&#160;&#160;
These single-digit declines belie the tortuous road of the year&#146;s last six months. During
the third quarter, each of the aforementioned indexes suffered significant double-digit
losses, with the Russell 2000 down 21.9%, the Russell 1000 falling 14.7%, the S&amp;P 500
off 13.9% and the Nasdaq losing 12.9%. Fears of European defaults and the possibility
of a double-dip recession in the U.S. were factors, though U.S. and European investors
may well have been more motivated to sell based on their utter lack of confidence in the
abilities of the developed world&#146;s political leaders to meet the challenges of economic
stagnation and staggering government debt. When some progress seemed to be made
on these fronts, share prices rebounded through much of the fourth quarter. The bull</font></div></td>

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 <P ALIGN=JUSTIFY><FONT SIZE=2><br>run was dominated by an October rally just as the third-quarter downturn was primarily
driven by a disastrous August and September. Each major index finished the fourth
quarter with double-digit gains. Small-caps led the way in this dynamic period, gaining
15.5%, compared to a gain of 11.8% for both the Russell 1000 and S&amp;P 500 Indexes,
and 7.9% for the Nasdaq.<b> Yet after all the <i>Sturm und Drang</i> in 2011&#8212;in its second half
in particular&#8212;here is where the four domestic indexes wound up for the calendar year:
The Russell 2000 fell 4.2%, the Russell 1000 gained 1.5%, the S&amp;P 500 climbed 2.1%,
and the Nasdaq lost 1.8%.</b> After a year of prices leaping and crashing, the
U.S. stock markets did not move much at all. Were the bullish October and
the less wildly volatile months of November and December positive signs
that investors were beginning to pay less attention to headlines and more
to company fundamentals? We would like to think so, but this remains an
open question.</FONT></P>
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<P><FONT SIZE=2 FACE=ARIAL color="#004a8d"><br><br><br><br><br><br><br><br><br>The disconnect between stock
prices and fundamentals for
many companies, including many
small-caps, remains wide as we
enter 2012.</FONT></P> </TD>
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 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The ongoing possibility of government defaults in Portugal, Italy, Ireland,
Greece, and Spain, as well as the resulting economic slowdown that gripped much of
Europe, continued to weigh heavily on the minds of investors in the second half. This
anxiety was reflected in the larger calendar-year losses for global, international and
European indexes. <b>The Russell Global ex-U.S. Small Cap Index finished the year down
18.7%, behind its large-cap sibling, the Russell Global ex-U.S. Large Cap Index,
which declined 13.8%.</b> Each enjoyed a modestly positive first half, up 0.8% and 4.1%,
respectively, before succumbing to the same woes that afflicted the U.S. markets in the
third quarter. The Russell Global ex-U.S. Small Cap was down 19.4% and its large-cap
equivalent lost 20.1% in the third quarter. So far, so close to their U.S. compeers. Yet
the non-U.S. markets lagged behind considerably in the fourth quarter, with the Russell
Global ex-U.S. Small Cap gaining a paltry 0.1% and its large-cap sibling climbing 3.6%.
It remains to be seen whether this was a temporary phenomenon, a sign that the global
economy outside the U.S. remains weak, or was evidence that the U.S. economy, for all its
struggles, remains fundamentally strong on both an absolute and relative basis.</FONT></P>

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SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;U.S. mid-cap stocks acquitted themselves well enough, though they did not lead the
market in the second half as they did in the first, when the Russell Midcap Index gained
8.1%. The mid-cap index slid 18.9% in the third quarter before rebounding 12.3% in
the fourth. For the year as a whole, the Russell Midcap was down 1.6%. As measured by
the Russell Microcap Index, domestic micro-cap stocks continued to struggle, which was
unsurprising in a market that saw investors growing less and less comfortable with risk
through the end of September. After finishing the first half with a 3.1% gain, the microcap
index declined 22.7% in the third quarter. So while its fourth-quarter gain of 13.8%
was strong, it was not enough to shore up earlier losses. The Russell Microcap Index
closed out 2011 with a 9.3% loss.</FONT></P>
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<P><FONT SIZE=2 FACE=ARIAL>&nbsp;</FONT></P>

<P ALIGN=RIGHT style="margin-right:10%"><FONT SIZE=1 color="#004a8d" face="arial">This page is not part of the 2011 Annual Report to Stockholders</font> <FONT SIZE=1 color="#c3ce22" face="arial"> | </font> <FONT SIZE=1 color="#004a8d" face="arial">5</FONT></P>
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<td nowrap="nowrap" valign="bottom"><div align="right"><font size="2"
color="#004a8d" face="Arial"><b><i>when intrinsic value becomes<br>
meaningfully detached from stock<br>
prices. In general, we look for well-<br>
managed businesses with pristine<br>
financial profiles and histories of high<br>
returns on invested capital that are<br>
attractively priced on an absolute<br>
basis. To find these attributes in<br>
common often means that a company<br>
has disappointed a set of shareholders<br>
for any number of reasons such as poor<br>
management execution, challenging<br>
business conditions, increased<br>
competition or earnings misses.</i></b></font></div></td> </tr>

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While still in an environment that<br>
offers plenty of opportunity to locate<br>
these kinds of companies, often in<br>
industries that are falling out of favor<br>
and/or are nearing the bottom of<br>
a business cycle, our efforts are not<br>
being rewarded as distinctly. Markets<br>
where correlation is more historically<br>
normal often see us enjoying the fruits<br>
of earlier contrarian investments<br>
that fit the profile we described. This<br>
combination of reaping the benefits<br>
of previous efforts while repositioning<br>
for the future has historically led to<br>
long-term performance differentiation<br>
versus both small-cap indexes and<br>
peers. Yet a correlated market can<br>
constrict both kinds of opportunity.</i></b></font></div></td>
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<td valign="bottom"><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>There are two other, related<br>
challenges: Highly correlated up<br>
markets tend to reward passively<br>
managed index funds and ETFs<br>
(Exchange Traded Funds) because of<br>
their inherently lower fee structure<br>
and fully invested status. Correlated<br>
downturns can also foster greater<br>
demand for these same vehicles<br>
as investors become frustrated</i></b></font></div></td>
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<td valign="bottom"><div align="justify"><font size="4" color="#004a8d" face="Arial">Consternation</font><br><font size="2" face="Times
New Roman">Loss unfortunately looms rather large over this year&#146;s <i>Review and Report.</i> We were disappointed
that our closed-end portfolios did not do better, especially in a year that saw mostly poor
results for smaller companies. For decades, we have made risk management a central part of
what we do here at Royce, and in 2011 we did not meet that challenge successfully. So while
we are encouraged by the large number of opportunities that we sought to take advantage of
throughout the year, the sting of a poor showing will remain sharp until performance improves.
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Net losses were most significant in three sectors: Materials companies, particularly those
in the metals &amp; mining industry, were hurt by volatile gold and silver prices. The Financials
sector&#146;s net losses came mostly from holdings in the capital markets group, including
several asset management stocks, while many Information Technology companies failed
to rebound in accordance with our expectations. Finally, results for Royce Value Trust and
Royce Focus Trust, portfolios with greater exposure to non-U.S. stocks, suffered as both
European and Asian markets posted more substantial losses than those in the U.S.</b></font></div></td>
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<td valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&#160;&#160;&#160;2011 NAV TOTAL RETURNS FOR THE ROYCE FUNDS VS. RUSSELL 2000</b> as of 12/31/11</font>
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<td valign="bottom"><div align="justify"><font size="2">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;Even as we grapple with the year&#146;s disappointments, we were struck by the inconsistent,
decidedly nonlinear direction of average annual total returns for the Funds and for the
major equity indexes over longer-term periods. The one- and five-year returns were low
to negative, while the three-year numbers were terrific. The difference between the three- and five-year results is attributable to the former period spanning all of the recovery that
ran from March 9, 2009 through April 29, 2011, along with just the tail end of the
2008 crisis and the volatile market of the last seven months of 2011. The five-year period
encompassed all of these events as well as the low returns of 2007 and the deep declines
of 2008. Most interesting to us is the 10-year period ended December 31, 2011, which
includes the full peak-to-peak cycle that ran from July 13, 2007 through April 29, 2011,</b></font></div></td>
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<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">as well as the bulk of the previous cycle, which began on March 9, 2000 and lasted until
July 13, 2007. This cycle includes, then, a large part of one major market dislocation&#8212;the bursting Internet bubble&#8212;and the bear market that was intensified by the global
financial crisis in the fall of 2008. Even with these difficulties, small-cap results were
solid for the Russell 2000 and strong to solid for our closed-end portfolios. <b>Each of our
closed-end funds outpaced the small-cap index on an NAV (net asset value) basis for the
10-year period ended December 31, 2011.</b><br><br>

<font size="4" color="#004a8d" face="Arial">Contention</font><br>
As we take the measure of the micro-cap, small-cap and mid-cap universe, we
like much of what we see. <b>We remain disciplined, bottom-up stock-pickers
with a time horizon measured in years, so our sights are trained squarely
on the long run. From that vantage point, we see a strong case to be made
for investing in equities.</b> What has gotten lost in all of the fiscal worry and
political melodrama of the last couple of years is the fact that many companies
across the globe, and certainly here in the U.S., successfully navigated the
recession and have been effectively managing their way through the current
slow-growth economy. The overall condition of corporate balance sheets and
cash flows&#8212;two key metrics in our security analysis process&#8212;is excellent. So
we expect that as the economy continues to grow and political leaders finally
begin to implement workable policies, more investors will begin to notice that
fundamentals are strong throughout the equity world, which should help to
usher in a solid decade for stocks, one that we suspect will feature frequent leadership
rotation between asset classes and between higher quality and more speculative stocks.
<br>&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;<b>In our estimation, small-caps look very well-positioned to bounce back strong as part
of a general upward move for equities.</b> More specifically, some recent research has shown
that high-quality small-caps, as measured by returns on invested capital (ROIC), are not only
cheap on an absolute basis, but relative to their large-cap counterparts as well. There has been
a lot of recent analysis devoted to showing that small-caps are statistically more expensive than
large-caps, yet many of the companies that have been drawing our interest are not. It comes as
no surprise, then, that we think this is a very opportune time for active small-cap management.
Historically, when returns are both highly correlated and underwhelming, inefficiencies
develop that we seek to use to our long-term advantage. We are confident that active small-cap
managers can generate satisfactory absolute results when returns begin to differentiate
again. As we detailed in a research paper on the importance of active small-cap management,
consistency, discipline and a long-term investment horizon are critical to realizing the goal of
strong absolute long-term results that, as a byproduct of that effort, have also beaten small-cap
benchmarks. <b>The last several years have certainly underscored the poor track record of
predictions for markets and economies, but as equity returns become less closely correlated,
we see the potential for active and disciplined small-cap management to succeed.</b></font></div></td>
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<td valign="bottom"><p><font size="2" color="#004a8d"
face="Arial">What has gotten lost in all of the fiscal
worry and political melodrama of the
last couple of years is the fact that
many companies across the globe, and
certainly here in the U.S., successfully
navigated the recession and have
been effectively managing their way
through the current slow-growth
economy. The overall condition of
corporate balance sheets and cash
flows&#8212;two key metrics in our security
analysis process&#8212;is excellent.</font></p></td>
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<td align="left" valign="bottom"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td nowrap valign="bottom" align="right"><font size="2" color="#004a8d" face="Arial"><b><i>with mounting losses. In addition,<br>
investors, losing sight of the long<br>
view, also tend to lose their appetite<br>
for actively managed products<br>
when short-term performance<br>
differentiation is diminished.</i></b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td valign="bottom"><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>Unsurprisingly, then, a correlated<br>
market usually indicates a low<br>
tolerance for risk. While this<br>
can help over the long run&#8212;the<br>
rampant selling during the last<br>
seven months of 2011 created as<br>
large a set of purchase opportunities<br>
as we&#146;ve seen in nearly three years&#8212;<br>
it also equates to ample levels of<br>
emotional and undifferentiated<br>
selling, which hinders more<br>
established positions from rising to<br>
price levels that our analysis indicates<br>
they are capable of attaining.
</i></b></font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td valign="bottom" nowrap><div align="right"><font size="2" color="#004a8d" face="Arial"><b><i>Throughout much of 2011, we<br>
found ourselves building existing<br>
positions and revisiting old favorites<br>
at least as frequently as investing<br>
in new companies. In all cases, our<br>
purchases comprised high-conviction<br>
ideas as we sought to ultimately tap<br>
the inevitable differentiation that<br>
occurs between corporate performance<br>
and correlated investor sentiment.<br>
While not necessarily rewarding in<br>
the short run, taking advantage of<br>
such mispricings remains the best<br>
way we know of building strong,<br>
long-term performance.
<br></i></b></font></div></td>
</tr>

<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="2" valign="bottom"><div style="margin-bottom: -10px;"><hr noshade="noshade" size="2" color="gray"></div><div style="margin-bottom: -7px;"><hr noshade="noshade" size="2" color="gray"></div></td>
</tr>
</table>
<br><br>
<table align="right" border="0" cellpadding="0" cellspacing="0" width="67%">
<tr>
<td rowspan="8" width="5%"><font size="1" face="Times New Roman">&#160;&#160;&#160;&#160;&#160;</font></td>
<td colspan="5" align="left" valign="top"><div align="justify"><font size="5" color="#004a8d" face="Times New Roman">Letter to Our Stockholders</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d" width="100%"></div></td>
</tr>
<tr>
<td colspan="5"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="5" align="left"><img src="page8.jpg"></td>
</tr>
<tr>
<td colspan="5"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>

<td colspan="5" valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">
<font size="4" color="#004a8d" face="Arial">Conclusion</font><br>This is the environment for which we have been preparing. We invested in 2011 in much the
same way that we have since 1972&#8212;with a disciplined, long-term approach that searches far
and wide for what we deem are attractive prices for great companies. Historically, we have
sought to use volatility as part of our arsenal of tactics. Highly volatile markets tend to create
even greater opportunities because they drive share prices lower, and they do so with little
or no regard for a business&#146;s fundamentals. While this helped to create a host of short-term
disappointments last year, at the same time it presented us with a number of what we believe
are very promising long-term opportunities. It is also important to point out that, though daily
volatility was very high, monthly returns in 2011 were not as wildly out of sync with other
years as the day-to-day drama might lead one to believe. We think that we are in a new era of
high daily volatility that investors will better adjust to in 2012 and beyond. More important is
our belief that fundamentals are much better than the headlines; that quality will continue to
be an important driver of long-term outperformance; and that non-U.S. small-caps will enjoy
improved performance in the years to come.<br><br>Sincerely,</font></div></td>
</tr>
<tr>
<td colspan="5"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td align="center"><img src="cmr-sign.jpg"></td>
<td>&#160;</td>
<td align="center"><img src="wwg-sign.jpg"></td>
<td>&#160;</td>
<td align="center"><img src="jef-sign.jpg"></td>
</tr>
<tr>
<td width="12%" align="center"><font face="Times New Roman" Size="2">Charles M. Royce<br><i>President</i></font></td>
<td width="12%">&#160;</td>
<td width="12%" align="center"><font face="Times New Roman" Size="2">W. Whitney George<br><i>Vice President</i></font></td>
<td width="12%">&#160;</td>
<td width="12%" align="center"><font face="Times New Roman" Size="2">Jack E. Fockler, Jr.<br><i>Vice President</i></font></td>
</tr>
<tr>
<td>&#160;</td>
<td colspan="6" ><p><font face="times new roman" Size="2"><br>January 31, 2012</font></p></td>
</tr>
</table>
</div>
<div style="clear: both;"></div>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">8</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Annual Report to Stockholders</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->
<br style="page-break-before: always;" clear="all">
<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td align="left" valign="bottom"><font size="5" color="#004a8d" face="Times New Roman"><a style="text-decoration:none" name="wvd"></a>Why Volatility Is the Friend of Discipline</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr>
<td colspan="2" valign="bottom"><hr noshade="noshade" size="2" color="#004a8d"></td>
</tr>
</table>
<br>

<TABLE align="left" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD valign="top">
 <P ALIGN=JUSTIFY><FONT SIZE=2>Throughout
 much of Royce&#146;s history, we have talked about our attempts to use stock
 market volatility to our advantage without offering a great deal of detail
 about precisely how that works. We have always made an implicit assumption
 that the bulk of our readers nod in agreement with statements, which tend to proliferate
 in our materials during bear markets, that describe market tumult as the
 value investor&#146;s friend. With close to four years of particularly tumultuous
 markets in the books (and who- knows-what still to come), we reexamined this
 and concluded that volatility was a subject worth discussing at greater
 length, both for its own sake and </FONT></P>
 </TD>
 <TD>
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD valign="top">
 <P ALIGN=JUSTIFY><FONT SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;First, we have
 an unshakeable conviction that entry price is a key constituent of attractive
 long-term results. We also believe strongly in the idea that success in
 equity investing is best and most consistently achieved with a disciplined
 approach that values deep knowledge about companies, much of which focuses on
 establishing the worth of a business. Our analysis of the intrinsic value of
 a business is among the primary factors used in determining what we think we
 should pay for a stock in order to potentially maximize our return while also
 seeking to minimize risk.&nbsp;<br>&nbsp;&nbsp;&nbsp;&nbsp;
This is where volatility becomes key. In highly
 volatile markets, increasingly </FONT></P>
 </TD>
 </TR>
</TABLE>
<br style="clear: both;">
<TABLE align="left" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="39%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="20%">
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="39%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD valign="top">
 <P ALIGN=JUSTIFY><FONT SIZE=2> for the sake of offering  more details about how and why volatile stock prices
 play such a crucial role in our quest
 for strong absolute returns achieved over the long
 term.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
The term &#145;volatile&#146; originally
 derives from Chemistry, defined in that discipline by the American Heritage Dictionary
 as &#147;evaporating readily at normal temperatures and pressures&#148; or &#147;capable of
 being readily vaporized,&#148; which unfortunately may describe some investors&#146;
 experiences with equity returns over the last few years. In a more general
 sense, it means (among other related things), &#147;tending to vary often, as in price: the ups and downs of volatile stocks.&#148; In one sense, then, the globe&#146;s equity markets are volatile every day as each day&#146;s trading brings changing prices. However, there is a range of price movement that is widely viewed as &#147;normal&#148; or &#147;typical,&#147; though that range is admittedly flexible depending on current </FONT></P>
 </TD>
 <TD valign="top">
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD valign="middle">
 <P ALIGN=CENTER><FONT SIZE=2><img src="page9.jpg" alt="image"></FONT></P>
 </TD>
 <TD valign="top">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD valign="top">
 <P ALIGN=JUSTIFY><FONT SIZE=2>emotional
and/or short-sighted sellers tend to
 keep on selling, allowing us to buy
 opportunistically. As bottom- up, quality-centric investors, we like to see
 stock prices with a pronounced downside disconnect between a company&#146;s
 fundamentals (such as a strong balance sheet, long-term earnings history and
 positive cash flow) and its share price. The greater the difference, the more
 promising the opportunity.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 The bulk of our purchases throughout 2011 (and
 large swaths of the last four years) have followed this pattern. Of course, few of the purchases made in 2011 have borne fruit to date. Since we typically hold stocks for two to five years, this is not troubling. If anything, the turbulence of the last few years has only solidified the importance of our long-term outlook. As we wade through a still unsettled global economy, governments throughout the developed </FONT></P>
 </TD>
 </TR>
</TABLE>
<br style="clear: both;">
<TABLE align="left" BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="48%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 <TD WIDTH="48%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD valign="top">
 <P ALIGN=JUSTIFY><FONT SIZE=2>and past market conditions. (The most popular measure of
 stock market volatility is the Chicago Board Options Exchange Market Volatility
 Index, commonly referred to as &#145;the VIX,&#146; which measures the implied
 volatility of S&amp;P 500 index options.) <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Over the last few years, certainly
 since the fall of 2008, market volatility has seen frequent and often dramatic
 spikes, with the just-ended 2011 adding several more heart-stopping sessions,
 especially between August and November. It is not our task here to determine
 whether or not the market&#146;s extreme behavior during this period was good, bad
 or otherwise. Instead, we want to offer our take on the market&#146;s recent
 activity as an illustration of how we seek to use dramatic swings in share
 prices to help us build wealth for our shareholders over the long run.</FONT></P>
 </TD>
 <TD valign="top">
 <P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD valign="top">
 <P ALIGN=JUSTIFY><FONT SIZE=2> world overburdened with debt and  a thus-far fragile (and mostly jobless) economic recovery underway
 here in the U.S., we find an investment horizon measured in years is even more
 of a necessity than it usually is.<br>
 &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
 So while last year was highly challenging
 and at times very frustrating, we have been pleased with the values that we have
 found in micro-cap, small-cap and mid-cap companies across the globe. Along
 with the slowly improving U.S. economy, these opportunities, which high
 volatility has been instrumental in creating, give us a quiet optimism about the
 years ahead, a sense of confidence made possible by the market&#146;s wild swings.</FONT></P>
 </TD>
 </TR>
</TABLE>
<br style="clear: both;">
<P ALIGN=JUSTIFY><FONT SIZE=1>&nbsp;</FONT></P>

<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Annual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">9</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->
<br style="page-break-before: always;" clear="all">

<div style="margin-right: 10%;" align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a style="text-decoration:none" name="scm"></a>Small-Cap Market Cycle Performance</font></div>
<div><hr noshade="noshade" size="2" align="left" color="#004a8d" width="90%"></div>

<p style="margin-right: 10%;" align="justify"><font size="2" color="#004a8d" face="Arial"><b>We believe strongly in the idea that a long-term investment perspective is crucial for determining the success of a particular
investment approach. While flourishing in an up market is wonderful, surviving a bear market by losing less (or not at all) is at
least as good. However, the true test of a portfolio&#146;s mettle is performance over full market cycle periods, which include both an
up and down market period.</b></font></p>

<div style="height: 100px; margin-right: 10%;">

<table align="left" border="0" cellpadding="0" cellspacing="0" width="55%">
<tr>
<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">Since the Russell 2000&#146;s inception on 12/31/78, there have been
10 full market cycles, with the most recent peaking on 4/29/11.
Market cycles are defined as those that have retreated at least 15%
from a previous market peak and have rebounded to establish a
new peak above the previous one. Each market cycle contains
a peak-to-trough and a trough-to-peak period. Interestingly,
over the small-cap index&#146;s 30+ year history, each style index&#8212;
the Russell 2000 Value Index and the Russell 2000 Growth
Index&#8212;outperformed in five of the 10 full market cycles. In fact,
leadership has alternated between growth and value over the last
six cycles. If history were to adhere to this pattern, value would
lead in the current cycle that began on 4/29/11.</font></div></td>
<td  rowspan="7" width="3%"><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<tr>
<td align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>Peak-to-Peak</b> (7/13/07-4/29/11)</font></td>
</tr>
<td valign="bottom"><div align="justify"><font size="2" face="Times
New Roman">The most recently completed cycle lasted approximately three
and a half years and saw a modest gain for the small-cap index.
Small-cap value was actually underwater for the full cycle,
while small-cap growth was marginally positive. Only Royce
Focus Trust outperformed the small-cap index for the just
completed cycle.</font></div></td>
</tr>
<tr>
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>Peak-to-Trough</b> (7/13/07-3/9/09)</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">Performance during the peak-to-trough phase of the most
recent cycle was especially difficult, encompassing the financial
crisis of late 2008 and early &#146;09. Surprisingly, growth narrowly
outperformed value during this phase. Once again, Royce Focus
Trust outpaced the Russell 2000 Index during this down phase.</font></div></td>
</tr>
<tr>
<td><font size="1" face="Times New Roman">&#160;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>Trough-to-Peak</b> (3/9/09-4/29/11)</font></td>
</tr>
<tr>
<td valign="bottom"><div align="justify"><font size="2" face="Times New Roman">The dynamic market recovery lasted 25 months and saw the
small-cap index appreciate 159.3% (50%+ per annum). Both
value and growth saw substantial gains during this period,
although growth once again provided the advantage. Each of
our closed-end funds outperformed the small-cap index.</font></div></td>
</tr>
</table>
<br>










<div>
<table align="right" border="0" cellpadding="0" cellspacing="0" width="45%">
<tr bgcolor="#004a8d">
<td align="left" valign="bottom" colspan="17"><font size="2" color="#ffffff" face="Arial"><b>SMALL-CAP MARKET CYCLE: RUSSELL 2000 INDEXES TOTAL RETURNS</b></font>
</tr>
<TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP colspan="17" STYLE="BORDER-BOTTOM:SOLID #c3ce22 2PX">&nbsp;
 </TD>
 </TR>
<tr>
<td colspan="17"><img src="page10.jpg" width="100%"></td>
</tr>
<tr>
<td colspan="17"><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="17" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial">&#160;&#160;<b>ROYCE FUNDS NAV TOTAL RETURNS VS. RUSSELL 2000 INDEX:</b></font></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="17" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial">&#160;&#160;<b>MARKET CYCLE RESULTS</b></font></td>
</tr>
<tr bgcolor="#dee495">
<td colspan="17" valign="bottom"><div style="margin-top: -7px;"><hr noshade="noshade" size="2" color="#c3ce22"></div></td>
</tr>
<tr bgcolor="#dee495">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak-to-</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak-to-</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Trough-to-</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak-to-</b></font></td>
</tr>
<tr bgcolor="#dee495">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Trough</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Peak</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial"><b>Current</b></font></td>
</tr>
<tr bgcolor="#dee495">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">7/13/07-</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">7/13/07-</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">3/9/09-</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">4/29/11-</font></td>
</tr>
<tr bgcolor="#dee495">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">4/29/11</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">3/9/09</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">4/29/11</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td colspan="3" nowrap="nowrap" align="center" valign="bottom"><font size="1" color="#004a8d" face="Arial">12/31/11</font></td>
</tr>
<tr bgcolor="#f7f7e7">
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td align="left"><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr bgcolor="#f7f7e7">
<td align="left" valign="bottom"><font size="2" face="Arial"><b>Russell 2000</b></font></td>
<td width="1%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" width="4%"><font size="2" face="Arial"><b>6.6</b></font></td>
<td align="left" valign="bottom" width="2%"><font size="2" face="Arial"><b>%</b></font></td>
<td width="5%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" width="4%"><font size="2" face="Arial"><b>-58.9</b></font></td>
<td align="left" valign="bottom" width="2%"><font size="2" face="Arial"><b>%</b></font></td>
<td width="5%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom" width="4%"><font size="2" face="Arial"><b>159.3</b></font></td>
<td align="left" valign="bottom" width="2%"><font size="2" face="Arial"><b>%</b></font></td>
<td width="5%"><font size="1" face="Arial">&#160;</font></td>
<td width="2%"><font size="1" face="Arial">&#160;</font></td>
<td nowrap="nowrap" align="right" valign="bottom" width="4%"><font size="2" face="Arial"><b>-13.5</b></font></td>
<td align="left" valign="bottom" width="2%"><font size="2" face="Arial"><b>%</b></font></td>
</tr>
<tr bgcolor="#f7f7e7" style="font-size:1px;">
<td colspan="17" valign="bottom"><hr noshade="noshade" size="1" color="gray"></td>
</tr>
<tr bgcolor="#f7f7e7">
<td align="left" valign="bottom"><font size="2" face="Arial"><b>Russell 2000 Value</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial"><b>-1.4</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial"><b>-61.1</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial"><b>153.7</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td nowrap align="right" valign="bottom"><font size="2" face="Arial"><b>-12.8</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr bgcolor="#f7f7e7" style="font-size:1px;">
<td colspan="17" valign="bottom"><hr noshade="noshade" size="1" color="gray"></td>
</tr>
<tr bgcolor="#f7f7e7">
<td align="left" valign="bottom"><font size="2" face="Arial"><b>Russell 2000 Growth</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial"><b>14.3</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial"><b>-56.8</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial"><b>164.4</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial"><b>-14.2</b></font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr style="font-size:1px;" bgcolor="#f7f7e7">
<td colspan="17" valign="bottom"><hr noshade="noshade" size="1" color="gray"></td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="2" face="Arial">Royce Value Trust</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.2</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-65.6</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">208.3</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-19.3</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td colspan="17" valign="bottom"><hr noshade="noshade" size="1" color="gray"></td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="2" face="Arial">Royce Micro-Cap Trust</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.5</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-66.3</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">195.5</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-14.1</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td colspan="17" valign="bottom"><hr noshade="noshade" size="1" color="gray"></td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="2" face="Arial">Royce Focus Trust</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.2</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-58.3</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">164.0</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-19.2</font></td>
<td><font size="1" face="Arial">&#160;</font></td>
</tr>
<tr style="font-size:1px;">
<td colspan="17" valign="bottom"><hr noshade="noshade" size="2" color="gray"></td>
</tr>

<tr>
<td colspan="17" valign="bottom">&#160;</td>
</tr>
</table>
</div>

<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr><td colspan="12">&nbsp;</td></tr>
<tr>
<td valign="bottom"><p align="justify"><font size="2" face="times new rommon">All performance information above reflects past performance, is presented on a total return basis, reflects the reinvestment of distributions and does not reflect
the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. Past performance is no guarantee of future results.
Investment return and principal value of an investment will fluctuate, so that shares may be worth more or less than their original cost when redeemed. Current
performance may be higher or lower than performance quoted. See page 2 for important performance information for all of the above funds.</font></p></td>
</tr>
</table>
<br>
<table>
<tr>
<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">10</font><font size="1" color="#c3ce22" face="Arial">&#160;&#160;|&#160;&#160;</font><font size="1" color="#004a8d" face="Arial">This page is not part of the 2011 Annual Report to Stockholders</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->

<br style="page-break-before: always;" clear="all">
<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td align="left" valign="bottom"><font size="5" color="#004a8d" face="Times New Roman">Table of Contents</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom"><hr noshade="noshade" size="2" color="#004a8d"></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;"><font size="2" color="#004a8d" face="Arial"><b><a style="text-decoration:none" name="ar"> Annual Report to Stockholders</a></b></font></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom"><hr noshade="noshade" size="2"></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;"><font size="2" color="#004a8d" face="Arial"><b>Managers&#8217; Discussions of Fund Performance</b></font></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><a style="text-decoration:none" href="#rvt"><font size="2" face="Arial" color="#000000">Royce Value Trust</font></a></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">12</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><a style="text-decoration:none" href="#rmct"><font size="2" face="Arial" color="#000000">Royce Micro-Cap Trust</font></a></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">14</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><a style="text-decoration:none" href="#rft"><font size="2" face="Arial" color="#000000">Royce Focus Trust</font></a></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom"><hr noshade="noshade" size="2"></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a style="text-decoration:none" href="#hist"><font size="2" color="#004a8d" face="Arial"><b>History Since Inception</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">18</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a style="text-decoration:none" href="#dist"><font size="2" color="#004a8d" face="Arial"><b>Distribution Reinvestment and Cash Purchase Options</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<font size="2" color="#004a8d" face="Arial"><b>Schedules of Investments and Other Financial Statements</b></font></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a style="text-decoration:none" href="#rvt1"><font size="2" face="Arial" color="#000000">Royce Value Trust</font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">21</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a style="text-decoration:none" href="#rmct1"><font size="2" face="Arial" color="#000000">Royce Micro-Cap Trust</font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">37</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a style="text-decoration:none" href="#rft1"><font size="2" face="Arial" color="#000000">Royce Focus Trust</font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">51</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a style="text-decoration:none" href="#dao"><font size="2" color="#004a8d" face="Arial"><b>Directors and Officers</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">61</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left" valign="bottom"><p style="margin-left: 10px; text-indent: -10px;">
<a style="text-decoration:none" href="#notes"><font size="2" color="#004a8d" face="Arial"><b>Notes to Performance and Other Important Information</b></font></a></p></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">62</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td align="left"><font size="1" face="Times New Roman">&nbsp;</font></td>
<td><font size="1" face="Times New Roman">&nbsp;</font></td>
</tr>
<tr>
<td colspan="3" valign="bottom"><div style="margin-bottom: -10px;"><hr noshade="noshade" size="2" color="gray"></div><div style="margin-bottom: -7px;"><hr noshade="noshade" size="2" color="gray"></div></td>
</tr>
</table>
<br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Annual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">11</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->


<br style="page-break-before: always;" clear="all">
<div style="height: 100px; margin-right: 10%;">
<table align="left" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">
<td colspan="11" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Sans-Serif" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>AVERAGE ANNUAL NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Through 12/31/11</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">July-December 2011</font><font size="1" face="Arial"><sup><a style="text-decoration:none" href="#p12-1">1</a></sup></font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap align="right" valign="bottom"><font size="2" face="Arial">-14.66</font></td>
<td><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">One-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-10.06</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Three-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">19.21</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Five-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.65</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">10-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.10</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">15-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.86</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">20-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.24</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">25-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.17</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Since Inception (11/26/86)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.13</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p12-1"></a>1</sup></font><font size="2" face="Arial">Not annualized</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="20%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>RVT</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="15%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="13%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="9%"><font size="2" color="#c3ce22" face="Arial"><b>RVT</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2011</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-10.1</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2003</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">40.8</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>


<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2010</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">30.3</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2002</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-15.6</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2009</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">44.6</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2001</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">15.2</font></td>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2008</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-45.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2000</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2007</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">5.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1999</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">11.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2006</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">19.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1998</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2005</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1997</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">27.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2004</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">21.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1996</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">15.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>TOP 10 POSITIONS</b><br> % of Net Assets Applicable<br> to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Coherent</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.3</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">HEICO Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Oil States International</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Alleghany Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Advisory Board (The)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Woodward</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Carter&#146;s</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Mohawk Industries</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Sapient Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Simpson Manufacturing</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">% of Net Assets Applicable <br>
to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Industrials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">27.9</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Information Technology</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">22.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Financials </font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Discretionary</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">12.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Materials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Health Care</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Energy</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.0</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">2.3</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.6</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Diversified Investment Companies</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.5</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Miscellaneous</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">4.9</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Bond and Preferred Stock</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.1</font></td>
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<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Cash and Cash Equivalents</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">8.2</font></td>
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<td colspan="6" align="left" valign="top"><div style="margin-right: 10%;" align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a style="text-decoration:none" name="cover-rvt"></a><a style="text-decoration:none" name="rvt"></a>Royce Value Trust</font></div>
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<img src="royce-chuck.jpg" style="margin-bottom: 10px; margin-right: 10px; height: 150px;" align="left">
<font size="2" color="#004a8d" face="Arial"><b>Manager&#146;s Discussion</b></font><br>
<font size="2" face="Times New Roman">Results for Royce Value Trust (RVT) were disappointing on both an absolute and relative basis in 2011. <b>For the calendar year, RVT fell 10.1% on an NAV (net asset value) basis and 10.5% on a market price basis, in both instances trailing its unleveraged benchmarks, the Russell 2000 Index, which fell 4.2%, and the S&amp;P SmallCap 600 Index, which gained 1.0%, for the same period.</b> In a year that was marked both by high volatility and close correlation, we were not pleased with performance, especially during periods which saw generally poor results, periods in which the Fund has often held its value more effectively.
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the first half of the year, RVT was behind its benchmarks, climbing 5.4% on an NAV basis and 5.3% based on market price compared to gains of 6.2% for the Russell 2000 and 7.5% for the S&amp;P SmallCap 600. Small-cap stocks reached a peak on April 29, 2011, though the worst of the year&#146;s losses came later, during August and September. A combination of anxieties drove investors away from equities, including potential European defaults, the possibility of an economic slowdown in China, and the debt ceiling fiasco here in the U.S., which had the ripple effects of undermining confidence in our political leadership and stoking fears of a double-dip recession. These developments led to an extremely bearish third quarter, during which RVT suffered along with the rest of the market&#8212;there were mostly double-digit losses for indexes across the globe. The Fund fell 25.2%</font></div></td>
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<font size="2" face="Times New Roman">on an NAV basis and 24.4% on a market price basis compared to respective declines of 21.9% and 19.8% for the Russell 2000 and S&amp;P SmallCap 600.
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When economic news improved in the U.S., it sparked a dynamic domestic rally following the small-cap low on October 3. The rest of October, while still volatile, was pleasantly bullish before the pace of the bull run slowed to a trot in November and December. In the year&#146;s final quarter, RVT again trailed its benchmarks, gaining 14.2% based on NAV and 12.6% on a market price basis, while the Russell 2000 climbed 15.5% and the S&amp;P SmallCap 600 rose 17.2%. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We were more satisfied with the Fund&#146;s longer-term results. On an NAV basis, RVT outpaced both its benchmarks for the three-, 15-, 25-year and since inception (11/26/86) periods ended December 31, 2011. The Fund also provided an edge over the Russell 2000 for the 10-year and 20-year periods. <b>RVT&#146;s NAV average annual total return for the since inception period ended December 31, 2011 was 10.1%.</b></font></div></td>
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<td colspan="4" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS THAT WORKED</b></font></td>
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<td colspan="4" nowrap="nowrap" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Contributors to 2011 Performance<sup><a style="text-decoration:none" href="#p12-2"><font size="1" color="#ffffff" face="Arial">1</font></a></sup></font></td>
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<td nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Advisory Board (The)</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.33</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">HEICO Corporation</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.31</font></td>
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<td align="left" valign="bottom" width="40%"><font size="2" face="Arial">Sturm, Ruger &amp; Co.</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom" width="6%"><font size="2" face="Arial">0.30</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">Carter&#146;s</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.27</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">RLI</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">0.22</font></td>
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<td colspan="4" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p12-2"></a>1</sup></font><font size="2" face="Arial">Includes dividends</font></td>
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align="justify"><font size="2" face="Times New
Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Only the Industrials sector finished the year in the black, and with a modest net contribution at that. The Fund&#146;s top two contributors for the calendar year came from that sector and were also top-ten positions at the end of 2011. The Advisory Board offers various programs, services, and software that focus on best practices research services which include identifying both effective management practices and widely followed but ineffective practices, along with analyzing emerging trends in </font></div></td>
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<font size="2" color="#004a8d" face="Arial"><b>Important Performance and Risk Information</b></font>
<font size="2" face="Times New Roman"><br><b>All performance information reflects past performance, is presented on a total return basis and reflects the reinvestment of distributions. Past performance is no guarantee of future results. Current performance may be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at www.roycefunds.com. The market price of the Fund&#146;s shares will fluctuate, so that shares may be worth more or less than their original cost when sold. The Fund invests primarily in securities of small- and micro-cap companies, which may involve considerably more risk than investing in a more diversified portfolio of larger-cap companies. Regarding the two &#147;Good Ideas&#148; tables shown above, the sum of all contributors to, and all detractors from, performance for all securities in the portfolio would approximate the Fund&#146;s performance for 2011. </b></font></div></td>
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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">12</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Annual Report to Stockholders</font></td>
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<td colspan="7" valign="top"><div align="right"><font size="5" color="#004a8d" face="Times New Roman">Performance and Portfolio Review</font></div>
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<td colspan="7" valign="top"><div align="justify"><font size="2" face="Times New Roman">healthcare and education. Growing revenues, earnings and cash flow helped the stock to enjoy a particularly robust second half, as some investors were looking past macro-driven headlines at what we see as a well-managed, efficiently run business. It was the Fund&#146;s fifth-largest position at the end of the year. HEICO Corporation, the Fund&#146;s second-largest holding at the end of December, manufactures electronic products primarily for the aerospace &amp; defense industries. Growing global air traffic has helped to create robust demand for aftermarket airplane parts. Airlines have thus been increasing capacity, and their own improved financial condition made them more willing to spend on parts re-stocking as the economy slowly recovers. We still like its core business, steady earnings and strong balance sheet.
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Financials, Materials and Information Technology sectors were the year&#146;s net loss leaders. The first of these three sectors saw the bulk of its declines come from holdings in the capital markets industry, which almost doubled that of RVT&#146;s next-worst-performing industry, the metals &amp; mining group. The Financials sector was home to three of the Fund&#146;s loss leaders, with two coming from the capital markets group. MF Global made headlines and caused embarrassment both for its well-known CEO and investors like ourselves, who had believed in the integrity, transparency, and capabilities of the company. For many years, we have had a high opinion of the business of asset manager AllianceBernstein Holding. Its business has endured difficulties in the current low-interest rate environment, while also experiencing steady outflows and earnings disappointments. We added shares between May and August. </font></div></td>
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<td rowspan="15" valign="top"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Poor investment results hurt the performance of E-L Financial, a Toronto-based investment and insurance holding company. Believing in the business&#146;s long-term prospects, we added to our position in August and September. We also built our stake in MoneyGram International, which provides money transfer and bill payment services. It was a comparably small holding that had an outsized negative effect on 2011 performance. Its stock price slid precipitously in July and again in November. The first slide was mostly the result of a hefty quarterly loss brought on by the firm&#146;s attempts at restructuring and recapitalization. The second was an unhappy reaction to a reverse stock split&#8212;often seen as a company-driven attempt to invigorate a sluggish stock price&#8212;and a secondary offering, which investors usually regard as dilutive.</font></div></td>
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<td colspan="5" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS AT THE TIME</b></font></td>
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<td colspan="5" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Detractors from 2011 Performance<sup><a style="text-decoration:none" href="#p13-4"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">MF Global Holdings</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.63</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">E-L Financial</font></td>
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<td align="right" valign="bottom"><font size="2" face="Arial">-0.34</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">AllianceBernstein Holding L.P.</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.30</font></td>
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</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">MoneyGram International</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.29</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Rofin-Sinar Technologies</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.29</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p13-4"></a>1</sup>Net of dividends</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="7" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><br><b>MARKET PRICE PERFORMANCE HISTORY SINCE INCEPTION (11/26/86)</b> through 12/31/11</font></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#c3ce22"></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><img src="page13a.jpg" width="100%"></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#626366"></td>
</tr>
<tr>
<td valign="top" width="2%"><font size="2" face="Arial"><sup>1</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the cumulative total return of an investment made by a stockholder who purchased one share at inception ($10.00 IPO), reinvested all annual distributions and fully participated in primary subscriptions of the Fund&#146;s rights offerings.</font></div></td>
</tr>
<tr>
<td valign="top"><font size="2" face="Arial"><sup>2</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the actual market price of one share as it traded on the NYSE.</font></div></td>
</tr>
</table>
<br>
<table align="right" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">

<td colspan="17" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Sans-Serif" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td rowspan="44" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="44" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>FUND INFORMATION AND</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Average Market Capitalization</font><a style="text-decoration:none" href="#p13-1"><font size="2" face="Arial" color="#000000"><sup>1</sup></a></font></td>
<td colspan="3" nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">$1,310 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/E Ratio</font><a style="text-decoration:none" href="#p13-2"><font size="2" face="Arial" color="#000000"><sup>2</sup></a></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">14.2x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/B Ratio</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">1.6x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">86.9%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Non-U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">27.7%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Fund Total Net Assets</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$1,187 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Net Leverage</font><a style="text-decoration:none" href="#p13-3"><font size="2" face="Arial" color="#000000"><sup>3</sup></a></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">15%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Turnover Rate</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">26%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Number of Holdings</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">550</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Symbol</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">Market Price</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">RVT</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">NAV</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">XRVTX</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p13-1"></a>1</sup> Geometrically calculated</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div align="justify" style="margin-left: 10px; text-indent: -10px;"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p13-2"></a>2</sup> The Fund&#146;s P/E ratio calculation excludes companies with zero or negative earnings (7% of portfolio holdings as of 12/31/11).</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div style="margin-left: 10px; text-indent: -10px;" align="justify"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p13-3"></a>3</sup> Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="2" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td width="1%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="12" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CAPITAL STRUCTURE</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Publicly Traded Securities Outstanding<br>
at 12/31/11 at NAV or Liquidation Value</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="text-indent: 0px;"><font size="2" face="Arial">68.0 million shares<br>
of Common Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$967 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="text-indent: 0px;"><font size="2" face="Arial">5.90% Cumulative<br>
Preferred Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$220 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>DOWN MARKET PERFORMANCE COMPARISON</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">All Down Periods of 7.5% or Greater<br>
Over the Last 7 Years, in Percentages(%)</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="top"><img src="page13b.jpg" width="100%"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="17" valign="bottom"  style="border-bottom:double #000000 3px;">&nbsp;</td>
</tr>
</table></div>
<br>
<div style="clear: both;"></div><br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr>
<td align="right" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Annual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">13</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->
<br style="page-break-before: always;" clear="all">

<div style="height: 100px; margin-right: 10%;">
<table align="left" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">
<td colspan="11" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Sans-Serif" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>AVERAGE ANNUAL NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" face="Arial">Through 12/31/11</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">July-December 2011</font><a style="text-decoration:none" href="#p14-1"><font size="2" face="Arial" color="#000000"><sup>1</sup></a></font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap align="right" valign="bottom"><font size="2" face="Arial">-10.48</font></td>
<td><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">One-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-7.69</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Three-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">20.22</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Five-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.94</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">10-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.09</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">15-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.18</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Since Inception (12/14/93)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.05</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p14-1"></a>1</sup>Not annualized</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="20%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>RMT</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="15%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="13%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="9%"><font size="2" color="#c3ce22" face="Arial"><b>RMT</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2011</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-7.7</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2003</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">55.5</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2010</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">28.5</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2002</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-13.8</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2009</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">46.5</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2001</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">23.4</font></td>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2008</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-45.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2000</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2007</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1999</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">12.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2006</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">22.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1998</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-4.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2005</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1997</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">27.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2004</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">18.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1996</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>TOP 10 POSITIONS</b><br> % of Net Assets Applicable <br>
to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Kennedy-Wilson Holdings</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.8</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Sapient Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Epoch Holding Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Charming Shoppes</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">America&#146;s Car-Mart</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Raven Industries</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Tennant Company</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Drew Industries</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Seneca Foods</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Richardson Electronics</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">% of Net Assets Applicable <br>to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Industrials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">25.9</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Financials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">19.6</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Information Technology</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">19.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Discretionary</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">13.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Materials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Health Care</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Energy</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">4.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Staples</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Utilities</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Miscellaneous</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">4.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Preferred Stock</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Cash and Cash Equivalents</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
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<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"  style="border-bottom:double #000000 3px;">&nbsp;</td>
</tr>
</table>
<br>
<table align="right" border="0" cellpadding="0" cellspacing="0" width="67%">
<tr>
<td colspan="6" rowspan="24" width="3%"><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td rowspan="22" width="3%"><font size="1" face="Arial">&#160;&#160;&#160;&#160;&#160;</font></td>
<td colspan="6" align="left" valign="top"><div style="margin-right: 10%;" align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a style="text-decoration:none" name="cover-rmct"></a><a style="text-decoration:none" name="rmct"></a>Royce Micro-Cap Trust</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d" width="100%"></div></td>
</tr>
<tr>
<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" align="left" valign="top"><div align="justify">
<img src="royce-chuck.jpg" style="margin-bottom: 10px; margin-right: 10px; height: 150px;" align="left">
<font size="2" color="#004a8d" face="Arial"><b>Manager&#8217;s Discussion</b></font><br>
<font size="2" face="Times New Roman">Following two years of outsized gains for micro-cap stocks in 2009
and 2010, our mean reversion tendencies anticipated at least some
moderation in the torrid pace micro-caps had established prior to
2011. What we did not expect was a substantial mid-year decline eerily
reminiscent of the most difficult periods in the midst of the financial
crisis. Precipitated by Congress&#146;s inability to pass a usually routine
increase in the debt ceiling, Standard &amp; Poor&#146;s took the historic step of downgrading the
U.S. sovereign credit rating. While most bond investors dismissed the action, seeing nothing
incremental to fear in the creditworthiness of the U.S. government, equity investors reacted far
more negatively. <b>In this challenging year for equities, Royce Micro-Cap Trust (RMT) declined
7.7% on an NAV (net asset value) basis, and 5.0% based on the market price of its shares,
underperforming its unleveraged small-cap benchmark, the Russell 2000, which lost 4.2%,
while outperforming the Russell Microcap index, which fell 9.3%.</b></font></div></td>
</tr>
<tr>
<td rowspan="16" bgcolor="#ffffff" valign="top"><div align="justify">
<font size="2" face="Times New Roman"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;During the year&#146;s first half, RMT gained 3.1% on an NAV basis, and 3.3% based on the
market price of its shares. The Fund underperformed the small-cap index, which advanced
6.2%, and was in line with the micro-cap index, which rose 3.1%, for the same period. Volatility
began to creep into the markets during the second quarter, but that period looks quite placid
compared to the wildly volatile third quarter, a period that saw most stock indexes post steep
double-digit declines. RMT fell in step with
stocks as a whole, losing 20.8% (NAV) and
21.2% (market) compared to declines of 21.9%
for the Russell 2000 and 22.7% for the Russell
Microcap. The fourth quarter recouped largely
half of the third quarter&#146;s decline, as better-than-expected
corporate earnings and resilience in the
U.S. economy somewhat rejuvenated investors&#146;
interest in stocks. The Fund was again closely
correlated with the performance of its benchmark and the micro-cap index, with gains of 13.0%
(NAV) and 16.7% (market) versus 15.5% for its benchmark and 13.8% for the Russell Microcap.</b></font></div></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#004a8d">
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
<td colspan="4" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS THAT WORKED</b></font></td>
</tr>
<tr bgcolor="#004a8d">
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
<td colspan="4" nowrap="nowrap" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Contributors to 2011 Performance<sup><a style="text-decoration:none" href="#p14-2"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" valign="top"><div style="margin-top: -7px;"><hr noshade="noshade" size="2" color="#c3ce22"></div></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Epoch Holding Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.60</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">Charming Shoppes</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.57</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr>
<td width="4%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom" width="40%"><font size="2" face="Arial">Virtus Investment Partners</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom" width="6%"><font size="2" face="Arial">0.42</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">America&#146;s Car-Mart</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.38</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">Advisory Board (The)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.37</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p14-2"></a>1</sup>Includes dividends</font></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" align="left" valign="bottom"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Even with an relatively undistinguished year in 2011, the Fund maintained its impressive
lead from the small-cap low on March 9, 2009 through December 31, 2011. RMT advanced
153.8% on an NAV basis and 176.2% on a market price basis compared to the Russell 2000,
which was up 124.3%, and the Russell Microcap, which rose 117.4%. We also were very pleased
with the Fund&#146;s longer-term NAV results. RMT outpaced the micro-cap index (for which
data only goes back to 2000) on an NAV basis for the three-, five- and 10-year periods ended
December 31, 2011. On an NAV basis, the Fund also outperformed the Russell 2000 for the
three-, 10-, 15-year and since inception (12/14/93) periods ended December 31, 2011. <b>RMT&#146;s
NAV average annual total return since inception was 10.1%.</b><br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Not surprising in this negatively correlated period for stocks, all of the Fund&#146;s equity sectors
were detractors from performance in 2011, with Information Technology having the largest</font></div></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" align="left" valign="bottom"><div align="justify">
<font size="2" color="#004a8d" face="Arial"><b>Important Performance and Risk Information</b></font>
<font size="2" face="Times New Roman"><br><b>All performance information reflects past performance, is presented on a total return basis and reflects the
reinvestment of distributions. Past performance is no guarantee of future results. Current performance may
be higher or lower than performance quoted. Returns as of the most recent month-end may be obtained at
www.roycefunds.com. The market price of the Fund&#146;s shares will fluctuate, so that shares may be worth more or
less than their original cost when sold. The Fund normally invests in micro-cap companies, which may involve
considerably more risk than investing in a more diversified portfolio of larger-cap companies. Regarding the two
&#147;Good Ideas&#148; tables shown above, the sum of all contributors to, and all detractors from, performance for
all securities in the portfolio would approximate the Fund&#146;s performance for 2011.</b></font></div></td>
</tr>
</table>
</div>
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<br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">14</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Annual Report to Stockholders</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
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<tr>
<td colspan="7" valign="top"><div align="right"><font size="5" color="#004a8d" face="Times New Roman">Performance and Portfolio Review</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d"></div></td>
</tr>
<tr>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<tr>
<td colspan="7" valign="top"><div align="justify"><font size="2" face="Times New Roman">negative impact, followed by Energy, Materials and Consumer Discretionary. These sectors were
among the most economically sensitive areas of the market and were hard hit in large part because
investors sought to protect themselves from the possibility of another recession. At the industry
level, results were more balanced, with three of the top four positive contributors coming from
the Industrials sector&#8212;professional services, commercial services &amp; supplies, and industrial
conglomerates were joined by specialty retail from the Consumer Discretionary space to make
up the top four. Energy equipment &amp; services, semiconductors &amp; semiconductor equipment,
and metals &amp; mining were the most significant detractors at the industry level. <br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Epoch Holding, a publicly traded investment management company overseeing over
$19 billion in assets, was the Fund&#146;s top individual performer in 2011. A long-term holding of
the Fund, this value-based equity asset manager continued to improve on its strong long-term
performance record and saw a steady increase in its asset base. Charming Shoppes was another
notable performer. This specialty retailer of women&#146;s plus size apparel made substantial progress
in a long-anticipated restructuring. Following three years of losses, the company engaged new
leadership, continued to close underperforming stores, divested a non-core brand, and retained
Barclays Capital as its financial adviser to explore strategic alternatives, all of which helped lead to
substantial appreciation in the shares.</font></div></td>
</tr>
<tr>
<td width="1%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="40%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="6%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="3%"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="15" valign="top"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Origin Agritech, the Fund&#146;s leading detractor, is a U.S.-listed company headquartered in
China that manufactures hybrid and genetically
modified crop seeds. The company reported
earnings that fell short of expectations mostly
as a result of a drop in revenues due to farmers&#146;
changing planting schedules and higher-than-expected
R&amp;D expenses. Another notable
loser was Willbros Group, an engineering and
construction company serving primarily the oil
and gas industry. Shares were weighed down by
substantial legal fees related to an ongoing dispute over the disposition of the company&#146;s Nigerian
assets from 2007, along with a drop in the company&#146;s backlog due to delays in large pipeline
construction projects. We continue to hold shares because we like the company&#146;s improving
balance sheet, the diminishing financial impact of legacy legal issues, and its potential to benefit
from improving trends in the energy infrastructure market.</font></div></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="5" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS AT THE TIME</b></font></td>
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="5" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Detractors from 2011 Performance<sup><a style="text-decoration:none" href="#p15-3"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="top"><div style="margin-top: -7px;"><hr noshade="noshade" size="2" color="#c3ce22"></div></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Origin Agritech</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.31</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Support.com</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.29</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Willbros Group</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.28</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Colony Financial</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.27</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Cogo Group</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.27</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="5" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p15-3"></a>1</sup>Net of dividends</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="2"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="7" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">
  <b>MARKET PRICE PERFORMANCE HISTORY SINCE INCEPTION (12/14/93)</b> through 12/31/11</font></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#c3ce22"></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><img src="page15a.jpg" width="100%"></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#626366"></td>
</tr>
<tr>
<td valign="top" width="2%"><font size="2" face="Arial"><sup>1</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the cumulative total return of an investment made by a stockholder who purchased one share at inception
($7.50 IPO), reinvested distributions and fully participated in the primary subscription of the 1994 rights offering.</font></div></td>
</tr>
<tr>
<td valign="top"><font size="2" face="Arial"><sup>2</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the actual market price of one share as it traded on the NYSE and, prior to 12/1/03, on Nasdaq.</font></div></td>
</tr>
</table>
<br>
<table align="right" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">

<td colspan="17" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Sans-Serif" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td rowspan="43" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="43" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>FUND INFORMATION AND</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Average Market<br>Capitalization</font><a style="text-decoration:none" href="#p15-1"><font size="2" face="Arial" color="#000000"><sup>1</sup></a></font></td>
<td colspan="3" nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">$304 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average <br>P/E Ratio</font><a style="text-decoration:none" href="#p15-2"><font size="2" face="Arial" color="#000000"><sup>2</sup></a></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">15.6x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average<br>P/B Ratio</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">1.3x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">U.S. Investments (% of <br>Net Assets applicable to<br>Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">91.1%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Non-U.S. Investments<br>(% of Net Assets<br>applicable to Common<br>Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom" nowrap><font size="2" face="Arial">14.0%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Fund Total Net Assets</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$339 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Net Leverage</font><a style="text-decoration:none" href="#p15-4"><font size="2" face="Arial" color="#000000"><sup>3</a></sup></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">5%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Turnover Rate</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">30%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Number of Holdings</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">328</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Symbol</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">Market Price</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">RMT</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">NAV</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">XOTCX</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p15-1"></a>1</sup> Geometrically calculated</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div style="margin-left: 10px; text-indent: -10px;"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p15-2"></a>2</sup> The Fund&#146;s P/E ratio calculation excludes companies with zero or negative earnings (21% of portfolio holdings as of 12/31/11).</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div style="margin-left: 10px; text-indent: -10px;" align="justify"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p15-4"></a>3</sup> Net leverage is the percentage, in excess of 100%, of the total value of equity type investments, divided by net assets applicable to Common Stockholders.</font></div></td>
</tr>

<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="2" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CAPITAL STRUCTURE</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Publicly Traded Securities Outstanding<br>at 12/31/11 at NAV or Liquidation Value</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><font size="2" face="Arial">28 million shares<br>
of Common Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$279 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><font size="2" face="Arial">6.00% Cumulative<br>
Preferred Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$60 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>DOWN MARKET PERFORMANCE COMPARISON</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">All Down Periods of 7.5% or Greater<br>
Over the Last 7 Years, in Percentages(%)</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="top" style="border-bottom: solid black 1px"><img src="page15b.jpg" width="100%"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="17" valign="bottom"  style="border-bottom:double #000000 3px;">&nbsp;</td>
</tr>
</table></div>
<br>
<div style="clear: both;"></div><br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr>
<td align="right" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Annual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">15</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>
<!--page-->
<br style="page-break-before: always;" clear="all">
<div style="height: 100px; margin-right: 10%;">
<table align="left" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">
<td colspan="13" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Sans-Serif" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>AVERAGE ANNUAL NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Through 12/31/11</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">July-December 2011</font><a style="text-decoration:none" href="#p16-1"><font size="2" face="Arial" color="#000000"><sup>1</sup></a></font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap align="right" valign="bottom"><font size="2" face="Arial">-13.71</font></td>
<td><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">One-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-10.51</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Three-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">18.83</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Five-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.53</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">10-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.51</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">15-Year</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.74</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>

<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Since Inception (11/1/96)</font><a style="text-decoration:none" href="#p16-2"><font size="2" face="Arial" color="#000000"><sup>2</sup></a></font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">9.95</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p16-1"></a>1</sup> Not annualized</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="1" face="Arial"></font><p style="margin-left: 4px; text-indent: -4px;"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p16-2"></a>2</sup> Royce &amp; Associates assumed investment management responsibility for the Fund on 11/1/96.</font></p></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CALENDAR YEAR NAV TOTAL RETURNS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="20%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>FUND</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="15%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="8%"><font size="2" color="#c3ce22" face="Arial"><b>Year</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="13%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="center" valign="bottom" width="9%"><font size="2" color="#c3ce22" face="Arial"><b>FUND</b></font></td>
<td width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr><tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2011</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-10.5</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2003</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">54.3</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2010</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">21.8</font></td>
<td align="left" valign="bottom">&nbsp;</td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2002</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-12.5</font></td>
<td align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2009</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">54.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2001</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">10.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2008</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-42.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2000</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20.9</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2007</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">12.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1999</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.7</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2006</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">15.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1998</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-6.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2005</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">13.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1997</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">20.5</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left" valign="bottom"><font size="2" face="Arial">2004</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">29.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>TOP 10 POSITIONS</b><br> % of Net Assets Applicable <br>to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Berkshire Hathaway Cl. B</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.8</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Microsoft Corporation</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Analog Devices</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Buckle (The)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Allied Nevada Gold</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Franklin Resources</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.2</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Exxon Mobil</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Western Digital</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.1</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Newmont Mining</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">3.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Mosaic Company (The)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">2.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO SECTOR BREAKDOWN</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">% of Net Assets Applicable <br>to Common Stockholders</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Materials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">29.1</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Financials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">19.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Information Technology</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">16.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Energy</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">13.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Industrials</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">8.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Discretionary</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">7.4</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Consumer Staples</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">6.8</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Health Care</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.3</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="8" align="left" valign="bottom"><font size="2" face="Arial">Cash and Cash Equivalents</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">14.0</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="11" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="13" valign="bottom"  style="border-bottom:double #000000 3px;">&nbsp;</td>
</tr>
</table>
<br>
<table align="right" border="0" cellpadding="0" cellspacing="0" width="67%">

<tr>
<td colspan="6" rowspan="24" width="5%"><font size="1" face="Arial">&#160;&#160;&#160;&#160;&#160;</font></td>
<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" align="left" valign="top"><div style="margin-right: 10%;" align="justify"><font size="5" color="#004a8d" face="Times New Roman"><a style="text-decoration:none" name="cover-rft"></a><a style="text-decoration:none" name="rft"></a>Royce Focus Trust</font></div>
<div align="left"><hr noshade="noshade" size="2" color="#004a8d" width="100%"></div></td>
</tr>
<tr>
<td colspan="6"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr>
<td colspan="6" align="left" valign="top"><div align="justify">
<img src="whitney_g.jpg" style="margin-bottom: 10px; margin-right: 10px; height: 150px;" align="left">
<font size="2" color="#004a8d" face="Arial"><b>Manager&#8217;s Discussion</b></font><br>
<font size="2" face="Times New Roman">Although equity results were highly correlated in 2011, some
performances were worse than others, an observation that unfortunately
includes the calendar-year results for Royce Focus Trust (FUND).
<b>In 2011, the Fund fell 10.5% on an NAV (net asset value) basis and
11.7% on a market price basis, in each case trailing its unleveraged
small-cap benchmark, the Russell 2000 Index, which lost 4.2% for the
same period.</b> It was a disappointing year for FUND on both an absolute and relative basis.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund trailed its benchmark during the first half of the year on both an NAV and market
price basis, finishing June with a 3.7% NAV gain and a 5.5% market price return versus an advance
of 6.2% for the small-cap index. Volatility, which first gathered force in the second quarter, picked
up momentum as temperatures heated up. Numerous fears drove investors away from stocks&#8212;anxiety over European sovereign defaults, a slowdown in China, the U.S. Congress&#146;s failure to pass
a routine increase in the debt ceiling limit (and the subsequent downgrade to our nation&#146;s credit
rating), and the possibility of a double-dip recession all played a role in the dramatic summer sell-off.
During this third-quarter downdraft, the Fund offered a slight edge, as it fell 20.5% on an NAV
basis and 21.2% on a market price basis, while the Russell 2000 declined 21.9%.</font></div></td>
</tr>
<tr>
<td rowspan="16" bgcolor="#ffffff" valign="top"><div align="justify">
<font size="2" face="Times New Roman">
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unfortunately, FUND was not able to hold or build on this relative advantage during the
bullish fourth quarter, when U.S. stocks staged a welcome rally. Between the beginning of
October and the end of December, the Fund
gained 8.5% on an NAV basis and 6.2%
on a market price basis, while its small-cap
benchmark rallied 15.5%. These results in the
year&#146;s final quarter were particularly frustrating
because FUND&#146;s struggles in the rally played
a large role in both its underperformance and
lackluster absolute result in 2011.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We felt much better about the Fund&#146;s longer-term
returns, especially its NAV results, which remained strong on a relative basis while also showing key pockets of strength in the three-, 10-,
15-year and since inception of Royce&#146;s management (11/1/96) periods ended December 31,
2011. During the most recent full market cycle period&#8212;from the previous small-cap peak on July
13, 2007 through the small-cap peak on April 29, 2011&#8212;the Fund gained 10.2% on an NAV
basis versus 6.6% for the Russell 2000. (Please see page 10 for more market cycle results.) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On
a market price basis, FUND beat its</font></div></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="4" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS THAT WORKED</b></font></td>
</tr>
<tr bgcolor="#004a8d">
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
<td colspan="4" nowrap="nowrap" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Contributors to 2011 Performance<sup><a style="text-decoration:none" href="#p16-3"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Varian Semiconductor <br>Equipment Associates</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">1.56</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td align="left" valign="bottom"><font size="2" face="Arial">Timberland Company (The) Cl. A</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.71</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td width="4%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom" width="40%"><font size="2" face="Arial">Nu Skin Enterprises Cl. A</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom" width="6%"><font size="2" face="Arial">0.60</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">Sanderson Farms</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.50</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">Buckle (The)</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">0.45</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="4" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p16-3"></a>1</sup>Includes dividends</font></td>
</tr>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="6" align="left" valign="bottom"><div align="justify"><font size="2" face="Times New Roman">benchmark for the 10-year, 15-year and since inception of
our management periods ended December 31, 2011. On an NAV basis, the Fund outpaced the
Russell 2000 for the three-, five-, 10-, 15-year and since inception of our management periods
ended December 31, 2011. <b>FUND&#146;s NAV average annual total return since inception was 9.9%.</b>
<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Six of the Fund&#146;s nine equity sectors finished the year with net losses. Of those three with net
gains for the year&#8212;Consumer Discretionary, Consumer Staples and Health Care&#8212;the first two
made solid contributions, while the third exited 2011 with very modest net gains. The Materials
sector had the most substantial negative impact on annual results, with losses more than double</font></div></td>
</tr>
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<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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</tr>
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<td colspan="6" align="left" valign="bottom"><div align="justify">
<font size="2" color="#004a8d" face="Arial"><b>Important Performance and Risk Information</b></font>
<font size="2" face="Times New Roman"><br><b>All performance information reflects past performance, is presented on a total return basis and reflects the
reinvestment of distributions. Past performance is no guarantee of future results. Current performance
may be higher or lower than performance quoted. Returns as of the most recent month-end may be
obtained at www.roycefunds.com. The market price of the Fund&#146;s shares will fluctuate, so that shares may
be worth more or less than their original cost when sold. The Fund normally invests primarily in small-cap
companies, which may involve considerably more risk than investing in a more diversified portfolio
of larger-cap companies. Regarding the two &#147;Good Ideas&#148; tables shown above, the sum of all contributors
to, and all detractors from, performance for all securities in the portfolio would approximate the Fund&#146;s
performance for 2011.</b></font></div></td>
</tr>
</table>
</div>
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<td align="left" valign="bottom"><font size="1" color="#004a8d" face="Arial">16</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Annual Report to Stockholders</font></td>
</tr>
</table>
<br>
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<td colspan="7" valign="top"><div align="right"><font size="5" color="#004a8d" face="Times New Roman">Performance and Portfolio Review</font></div>
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<td colspan="7" valign="top"><div align="justify"><font size="2" face="Times New Roman">that of Financials, the Fund&#146;s next largest detractor on a sector basis. One industry within the
Materials sector, metals &amp; mining, registered larger net losses than any of the portfolio&#146;s remaining
sectors. After coping with various operational issues during the first half of the year, many gold
and silver miners faced the added headwind of increasingly volatile precious metals commodity
prices during the tumultuous third quarter. During that period, when increased mining expenses
and operational issues were still impacting the industry, especially its smaller businesses, share
prices began to decline even more sharply. Most of these companies also failed to participate in
any meaningful way in the fourth-quarter rally for stocks.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The frustrations of 2011 aside, we continue to see great potential for many of these companies.
The conditions for improved gold and silver prices remain in place. Historically, interest
rates being below long-term inflation rates has provided a tailwind for gold, and this inspires
confidence going forward. We increased our position in exploration company Seabridge Gold
in March and added shares of Pan American Silver during April. The latter faced delays in an
Argentinian mine of its own and had a few small production disappointments. In the first half of
the year, it also had to tackle concerns, since resolved, about how newly elected leaders in Bolivia
and Peru would treat mining operations in those nations. These issues were more than enough to
keep investors selling. Seabridge Gold struggled in a market that was challenging for most gold
and silver miners, but was even tougher on companies involved only in exploration.</font></div></td>
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<td width="1%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="40%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="2%"><font size="1" face="Arial">&nbsp;</font></td>
<td width="6%"><font size="1" face="Arial">&nbsp;</font></td>
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<td rowspan="15" valign="top"><div align="justify"><font size="2" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also held a good-sized stake in scrap
metal manufacturer and recycler Schnitzer Steel
Industries. A decline in scrap metal prices hurt
its share price, as did fears of a global industrial
slowdown that was particularly unkind to
commodity-based cyclicals. After bottoming
out in October, its stock rallied a bit through the
end of the year. We still like the core business of
two companies involved in high brightness light
emitting diodes (HB LEDs) equipment. Although we chose to hold shares of Veeco Instruments,
we parted ways with German firm Aixtron in October. On the other side of the ledger, Varian
Semiconductor Equipment Associates and The Timberland Company were, like many small-cap
businesses of late, subject to M&amp;A (mergers &amp; acquisitions) activity. We sold our shares in both
as their share prices rose on news of each respective acquisition.</font></div></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="5" align="left" valign="bottom"><font size="2" color="#ffffff" face="Arial"><b>&nbsp;&nbsp;&nbsp;GOOD IDEAS AT THE TIME</b></font></td>
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#004a8d">
<td colspan="5" align="left" valign="top"><font size="2" color="#ffffff" face="Arial">&nbsp;&nbsp;&nbsp;Top Detractors from 2011 Performance<sup><a style="text-decoration:none" href="#p17-4"><font size="2" color="#ffffff" face="Arial">1</font></a></sup></font></td>
<td bgcolor="#ffffff"><font size="4" face="Arial">&nbsp;</font></td>
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<td colspan="5" valign="top"><div style="margin-top: -7px;"><hr noshade="noshade" size="2" color="#c3ce22"></div></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Seabridge Gold</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-1.50</font></td>
<td align="left" valign="bottom"><font size="2" face="Arial">%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<tr>
<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Pan American Silver</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-1.28</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="5" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Schnitzer Steel Industries Cl. A</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.97</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Veeco Instruments</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">-0.95</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="2" align="left" valign="bottom"><font size="2" face="Arial">Aixtron ADR</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="right" valign="bottom"><font size="2" face="Arial">-0.91</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="5" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p17-4"></a>1</sup> Net of dividends</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="2"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
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<td colspan="7" nowrap="nowrap" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><br><b>MARKET PRICE PERFORMANCE HISTORY SINCE INCEPTION (11/1/96)<sup><a style="text-decoration:none" href="#page17">3</a></sup></b> through 12/31/11</font></td>
</tr>
<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#c3ce22"></td>
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<td colspan="7" valign="bottom"><img src="page17a.jpg" width="100%"></td>
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<tr>
<td colspan="7" valign="bottom"><hr noshade="noshade" size="2" align="left" color="#626366"></td>
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<td valign="top" width="2%"><font size="2" face="Arial"><sup>1</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the cumulative total return experience of a continuous common stockholder who reinvested all
distributions and fully participated in the primary subscription of the 2005 rights offering.</font></div></td>
</tr>
<tr>
<td valign="top"><font size="2" face="Arial"><sup>2</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Reflects the actual market price of one share as it traded on Nasdaq.</font></div></td>
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<td valign="top"><font size="2" face="Arial"><sup><a style="text-decoration:none" name="page17"></a>3</sup></font></td>
<td colspan="6" valign="bottom"><div align="justify"><font size="2" face="Arial">Royce &amp; Associates assumed investment management responsibility for the Fund on 11/1/96.</font></div></td>
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</table>
<br>
<table align="right" border="0" cellpadding="0" cellspacing="0" width="33%">
<tr bgcolor="#f4f7dd">
<td colspan="17" bgcolor="#c7d012" valign="top"><div align="justify"><font color="#004785" face="Sans-Serif" size="3">&nbsp;</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td rowspan="44" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><font size="1" face="Arial">&nbsp;</font></td>
<td rowspan="43" align="left" valign="bottom" width="5%"><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>FUND INFORMATION AND</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>PORTFOLIO DIAGNOSTICS</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Average Market <br>Capitalization</font><a style="text-decoration:none" href="#p17-1"><font size="2" face="Arial" color="#000000"><sup>1</sup></a></font></td>
<td colspan="3" nowrap="nowrap" align="right" valign="bottom"><font size="2" face="Arial">$4,754 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/E Ratio</font><a style="text-decoration:none" href="#p17-2"><font size="2" face="Arial" color="#000000"><sup>2</sup></a></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">12.2x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Weighted Average P/B Ratio</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">1.8x</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">77.8%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Non-U.S. Investments (% of Net Assets applicable to Common Stockholders)</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">24.8%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" nowrap="nowrap" align="left" valign="bottom"><font size="2" face="Arial">Fund Total Net Assets</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$176 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Net Leverage</font><a style="text-decoration:none" href="#p17-3"><font size="2" face="Arial" color="#000000"><sup>3</sup></a></font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">3%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Turnover Rate</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">33%</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Number of Holdings</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">55</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="10" align="left" valign="bottom"><font size="2" face="Arial">Symbol</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">Market Price</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">FUND</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><p style="margin-left: 20px; text-indent: -10px;"><font size="2" face="Arial">NAV</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">XFUNX</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p17-1"></a>1</sup> Geometrically calculated</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div style="margin-left: 10px; text-indent: -10px;" align="justify"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p17-2"></a>2</sup> The Fund&#146;s P/E ratio calculation excludes companies with zero
or negative earnings (6% of portfolio holdings as of 12/31/11).</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><div style="margin-left: 10px; text-indent: -10px;" align="justify"><font size="1" face="Arial"><sup><a style="text-decoration:none" name="p17-3"></a>3</sup> Net leverage is the percentage, in excess of 100%, of the
total value of equity type investments, divided by net assets
applicable to Common Stockholders.</font></div></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="2" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="2" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>CAPITAL STRUCTURE</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">Publicly Traded Securities Outstanding<br>at 12/31/11 at NAV or Liquidation Value</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><font size="2" face="Arial">20 million shares of<br>
Common Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$151 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#bcbdc0"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="9" align="left" valign="bottom"><font size="2" face="Arial">6.00% Cumulative<br>
Preferred Stock</font></p></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="3" align="right" valign="bottom"><font size="2" face="Arial">$25 million</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="1" color="#000000"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td align="left"><font size="1" face="Arial">&nbsp;</font></td>
<td><font size="1" face="Arial">&nbsp;</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial"><b>DOWN MARKET PERFORMANCE COMPARISON</b></font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom"><font size="2" color="#004a8d" face="Arial">All Down Periods of 7.5% or Greater<br>
Over the Last 7 Years, in Percentages(%)</font></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" valign="bottom"><hr noshade="noshade" size="2" color="#c3ce22"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="top" style="border-bottom:solid black 1px"><img src="page17b.jpg" width="100%"></td>
</tr>
<tr bgcolor="#f4f7dd">
<td><font size="1" face="Arial">&nbsp;</font></td>
<td colspan="14" align="left" valign="bottom">&nbsp;</td>
</tr>
<tr bgcolor="#f4f7dd">
<td colspan="17" valign="bottom" style="border-bottom:double #000000 3px;">&nbsp;</td>
</tr>
</table></div>
<br>
<div style="clear: both;"></div><br>
<table border="0" cellpadding="0" cellspacing="0" width="90%">

<tr>
<td align="right" valign="bottom">&nbsp;</td>
</tr>
<tr>
<td align="right" valign="bottom"><font size="1" color="#004a8d" face="Arial">The Royce Funds 2011 Annual Report to Stockholders</font><font size="1" color="#c3ce22" face="Arial">&nbsp;&nbsp;|&nbsp;&nbsp;</font><font size="1" color="#004a8d" face="Arial">17</font></td>
</tr>
</table>
<br>
<div><hr noshade="noshade" size="3" align="left" color="gray" width="90%"></div>

<!--page-->
<br style="page-break-before: always;" clear="all">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><FONT color="#004a8d" SIZE=5><a style="text-decoration:none" name="hist"></a>History Since Inception</FONT></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-top:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
</TABLE>
<DIV STYLE="WIDTH:90%">
<P align="justify"><FONT SIZE=2 face="Arial">The following table details
the share accumulations by an initial investor in the Funds who reinvested all
distributions and participated fully in primary subscriptions for each of the
rights offerings. Full participation in distribution reinvestments and rights
offerings can maximize the returns available to a long-term investor. This
table should be read in conjunction with the Performance and Portfolio Reviews
of the Funds.</FONT></P>
</DIV>
<br>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=RIGHT>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="24%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="2%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="9%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 <TD WIDTH="1%" VALIGN=BOTTOM>
 <P ALIGN=CENTER>&nbsp;</P>
 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Arial"><B>History</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 color="#004a8d" face="Arial"><B>Amount <BR>
 Invested</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 color="#004a8d" face="Arial"><B>Purchase <BR>
 Price</font><a style="text-decoration:none" href="#p18_1"><font face="arial" size=2 color="#000000"><sup>1</a></SUP></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 color="#004a8d" 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 color="#004a8d" face="Arial"><B>NAV <BR>
 Value</font><a style="text-decoration:none" href="#p18_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></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 color="#004a8d" face="Arial"><B>Market <BR>
 Value</font><a style="text-decoration:none" href="#p18_2"><font size="2" face="Arial" color="#000000"><SUP>2</a></SUP></B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <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 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 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 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 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 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 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 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 VALIGN=BOTTOM>
 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
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 </TD>
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 <P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD COLSPAN=4 VALIGN=BOTTOM>
 <P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Royce
 Value Trust</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11/26/86</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Initial Purchase</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,280</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">$</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10/15/87</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">42</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/31/87</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.22</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7.125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,578</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/27/88</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.51</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">63</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,529</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,238</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9/22/89</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">405</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/29/89</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.52</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">67</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,942</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,866</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9/24/90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">457</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7.375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">62</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/31/90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.32</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">52</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,713</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,074</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9/23/91</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">638</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">68</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/31/91</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.61</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10.625</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">82</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,919</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,697</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9/25/92</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">825</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">75</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/31/92</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.90</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">114</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,999</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,874</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9/27/93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,469</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">113</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/31/93</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $1.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13.000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">160</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">26,603</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25,428</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10/28/94</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,103</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11.250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">98</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/19/94</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $1.05</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11.375</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">191</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,939</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">24,905</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11/3/95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,425</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.500</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">114</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/7/95</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $1.29</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.125</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">253</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,676</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">31,243</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/96</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $1.15</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.250</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">247</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,213</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,335</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1997</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.21</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15.374</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">230</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">52,556</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">46,814</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1998</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.54</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14.311</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">347</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">54,313</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,506</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1999</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.37</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.616</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">391</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">60,653</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">50,239</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2000</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.48</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13.972</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">424</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">70,711</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">61,648</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2001</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.49</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15.072</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">437</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">81,478</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">73,994</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2002</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.51</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14.903</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">494</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">68,770</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">68,927</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1/28/03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,600</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10.770</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">520</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2003</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.30</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14.582</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">516</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">106,216</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">107,339</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2004</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.55</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17.604</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">568</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">128,955</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">139,094</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2005</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.61</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18.739</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">604</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">139,808</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">148,773</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2006</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.78</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19.696</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">693</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">167,063</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">179,945</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2007</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.85</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19.687</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">787</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">175,469</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">165,158</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2008</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.72</font><a style="text-decoration:none" href="#p18_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.307</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,294</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">95,415</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">85,435</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3/11/09</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.32</font><a style="text-decoration:none" href="#p18_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6.071</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">537</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">137,966</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">115,669</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/2/10</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Distribution $0.03</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13.850</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">179,730</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">156,203</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2011</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 face="Arial">Annual distribution total
 $0.78</font><a style="text-decoration:none" href="#p18_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13.043</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 face="Arial">656</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;


 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;

 </TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 color="#004a8d" face="Arial"><B>12/31/11</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 color="#004a8d" face="Arial"><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 color="#004a8d" face="Arial"><B>21,922</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 color="#004a8d" face="Arial"><B>11,399</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 color="#004a8d" face="Arial"><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P ALIGN=RIGHT><FONT SIZE=2 color="#004a8d" face="Arial"><B>161,638</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 <TD VALIGN=BOTTOM>
 <P><FONT SIZE=2 color="#004a8d" face="Arial"><B>$</B></FONT></P>
 </TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 color="#004a8d" face="Arial"><B>139,866</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID BLACK 2PX">&nbsp;</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p18_1"><font size="2" face="Arial" color="#000000"></a><SUP>1</SUP> The purchase price used for annual
distribution totals is a weighted average of the distribution reinvestment
prices for the year.<br></font><a style="text-decoration:none" name="p18_2"><font size="2" face="Arial" color="#000000"></a><SUP>2</SUP> Other than for initial purchase, values are
stated as of December 31 of the year indicated, after reinvestment of
distributions.<br></font><a style="text-decoration:none" name="p18_3"><font size="2" face="Arial" color="#000000"></font></a><font size="2" face="Arial" color="#000000"><SUP>3</SUP> Includes a return of capital.</FONT></P>

<P><FONT color="#004a8d" face=arial SIZE=1>18 </font> <FONT SIZE=1 color="#c3ce22" face="arial"> | </font> <FONT SIZE=1 color="#004a8d" face="arial">The Royce Funds 2011
Annual Report to Stockholders</FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="90%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P>
 </TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P>
 </TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial">The following table details
 the share accumulations by an initial investor in the Funds who reinvested
 all distributions and participated fully in primary subscriptions for each of
 the rights offerings. Full participation in distribution reinvestments and
 rights offerings can maximize the returns available to a long-term investor.
 This table should be read in conjunction with the Performance and Portfolio
 Reviews of the Funds.</FONT></P>
 </TD>
 </TR>
</TABLE>

<br>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="24%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD COLSPAN=4 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Arial"><B>History</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Arial"><B>Amount <BR>
 Invested</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Arial"><B>Purchase <BR>
 Price</font><a style="text-decoration:none" href="#p19_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Arial"><B>Shares</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Arial"><B>NAV <BR>
 Value</font><a style="text-decoration:none" href="#p19_2"><font size="2" face="Arial" color="#000000"><SUP>2</a></SUP></B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Arial"><B>Market <BR>
 Value</font><a style="text-decoration:none" href="#p19_2"><font size="2" face="Arial" color="#000000"><SUP>2</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <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 VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <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 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 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 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 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 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 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 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>
 </TR>
 <TR>
 <TD COLSPAN=4 VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Royce
 Micro-Cap Trust</B></FONT></P></TD>
 <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 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 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 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 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 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 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 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>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/14/93</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Initial Purchase</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7.500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10/28/94</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Rights Offering</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7.000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/19/94</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.05</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6.750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,163</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,462</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/7/95</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.36</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7.500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">58</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,264</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,136</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/96</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.80</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7.625</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">133</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13,132</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,550</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/5/97</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $1.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">140</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,694</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,593</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/7/98</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.29</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.625</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">52</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,016</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,129</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/99</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.781</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">49</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18,051</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,769</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $1.72</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.469</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">333</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,016</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,026</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.57</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.880</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">114</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">24,701</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,924</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2002</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $0.80</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.518</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">180</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,297</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19,142</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2003</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $0.92</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10.004</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">217</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">33,125</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">31,311</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2004</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.33</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13.350</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">257</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">39,320</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,788</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2005</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.85</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13.848</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">383</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,969</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2006</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.55</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14.246</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">354</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,385</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,647</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2007</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.35</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13.584</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">357</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,709</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,802</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2008</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.19</font><a style="text-decoration:none" href="#p19_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.237</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">578</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,205</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">24,807</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3/11/09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.22</font><a style="text-decoration:none" href="#p19_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4.260</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">228</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,314</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,212</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/2/10</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">53,094</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,884</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2011</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $0.53</font><a style="text-decoration:none" href="#p19_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.773</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">289</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>8,900</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>4,971</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>49,014</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>43,596</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD COLSPAN=4 VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Royce
 Focus Trust</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10/31/96</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Initial Purchase</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,375</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4.375</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,280</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,375</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/31/96</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,520</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,594</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/5/97</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.53</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5.250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">101</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,650</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,574</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/31/98</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,199</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,367</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/99</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.145</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4.750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,742</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,356</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.34</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5.563</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">69</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,151</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,848</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.14</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6.010</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,969</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,193</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/6/02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5.640</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,844</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,956</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/8/03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.62</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">94</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,105</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,406</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2004</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.74</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.325</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">259</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,639</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,794</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5/6/05</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Rights offering</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,669</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.340</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">320</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2005</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.21</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.470</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">249</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,208</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,709</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2006</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $1.57</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.860</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">357</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">24,668</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,020</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2007</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $2.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.159</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">573</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,679</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,834</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2008</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $0.47</font><a style="text-decoration:none" href="#p19_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6.535</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">228</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,856</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,323</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3/11/09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Distribution $0.09</font><a style="text-decoration:none" href="#p19_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3.830</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">78</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">24,408</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,579</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12/31/10</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">29,726</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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=RIGHT><FONT SIZE=2 face="Arial">25,806</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2011</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Annual distribution total
 $0.41</font><a style="text-decoration:none" href="#p19_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6.894</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">207</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT color="#004a8d" SIZE=2 face="Arial"><B>7,044</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>3,616</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>26,614</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2 face="Arial"><B>22,784</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p19_1"><font size="2" face="Arial" color="#000000"></a><SUP>1</SUP> The purchase price used for annual
distribution totals is a weighted average of the distribution reinvestment
prices for the year.<br></font><a style="text-decoration:none" name="p19_2"><font size="2" face="Arial" color="#000000"></a><SUP>2</SUP> Other than for initial purchase, values are
stated as of December 31 of the year indicated, after reinvestment of
distributions.<br></font><a style="text-decoration:none" name="p19_3"><font size="2" face="Arial" color="#000000"></a><SUP>3</SUP> Includes a return of capital.</FONT></P>

<P style="margin-right:10%" ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1>The Royce Funds 2011 Annual Report to Stockholders </font> <FONT SIZE=1 color="#c3ce22" face="arial"> | </font><FONT SIZE=1 color="#004a8d" face="arial">
19</FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="90%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5><a name="dist"></a>Distribution
 Reinvestment and Cash Purchase Options</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1 PX">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
</TABLE><br>
<div style="width:90%">

<div style="position:relative; float:left; width:47%">

<P><FONT color="#004a8d" face=arial SIZE=2><B>Have the Funds resumed their managed distribution policies for common stockholders?</B></FONT><br><FONT face=arial SIZE=2>The
Funds resumed their quarterly distribution policy for Common Stockholders in
March 2011, at the annual rate of 5%.</FONT></P>

<P><FONT color="#004a8d" face=arial SIZE=2><B>Why should I reinvest my distributions?</B></FONT><BR>
<FONT SIZE=2 face="Arial">By
reinvesting distributions, a stockholder can maintain an undiluted investment
in the Fund. The regular reinvestment of distributions has a significant impact
on stockholder returns. In contrast, the stockholder who takes distributions in
cash is penalized when shares are issued below net asset value to other
stockholders.</FONT></P>

<P><FONT color="#004a8d"  SIZE=2 face="Arial"><B>How does the reinvestment of distributions from the Royce
closed-end funds work?</B></FONT><br><FONT SIZE=2 face="Arial">The
Funds automatically issue shares in payment of distributions unless you
indicate otherwise. The shares are generally issued at the lower of the market
price or net asset value on the valuation date.</FONT></P>

<P><FONT color="#004a8d" SIZE=2 face="Arial"><B>How does this apply to registered stockholders?</B></FONT><br><FONT SIZE=2 face="Arial">If
your shares are registered directly with a Fund, your distributions are
automatically reinvested unless you have otherwise instructed the Funds&#146;
transfer agent, Computershare, in writing. A registered stockholder also has
the option to receive the distribution in the form of a stock certificate or in
cash if Computershare is properly notified.</FONT></P>

<P><FONT color="#004a8d" SIZE=2 face="Arial"><B>What if my shares are held by a brokerage firm or a bank?</B></FONT><br><FONT SIZE=2 face="Arial">If
your shares are held by a brokerage firm, bank, or other intermediary as the
stockholder of record, you should contact your brokerage firm or bank to be
certain that it is automatically reinvesting distributions on your behalf. If
they are unable to reinvest distributions on your behalf, you should have your
shares registered in your name in order to participate.</FONT></P>
</div>

<div style="position:relative; float:right; width:47%">
<P><FONT color="#004a8d" SIZE=2 face="Arial"><B>What other features are available for registered stockholders?</B></FONT><br><FONT SIZE=2 face="Arial">The
Distribution Reinvestment and Cash Purchase Plans also allow registered
stockholders to make optional cash purchases of shares of a Fund&#146;s common stock
directly through Computershare on a monthly basis, and to deposit certificates
representing your Fund shares with Computershare for safekeeping. The Funds&#146;
investment adviser is absorbing all commissions on optional cash purchases
under the Plans through December 31, 2011.</FONT></P>

<P><FONT color="#004a8d" SIZE=2 face="Arial"><B>How do the Plans work for registered stockholders?</B></FONT><br><FONT SIZE=2 face="Arial">Computershare
maintains the accounts for registered stockholders in the Plans and sends
written confirmation of all transactions in the account. Shares in the account
of each participant will be held by Computershare in non-certificated form in
the name of the participant, and each participant will be able to vote those
shares at a stockholder meeting or by proxy. A participant may also send other
stock certificates held by them to Computershare to be held in non-certificated
form. There is no service fee charged to participants for reinvesting
distributions. If a participant elects to sell shares from a Plan account,
Computershare will deduct a $2.50 fee plus brokerage commissions from the sale
transaction. If a nominee is the registered owner of your shares, the nominee
will maintain the accounts on your behalf.</FONT></P>

<P><FONT color="#004a8d" SIZE=2 face="Arial"><B>How can I get more information on the Plans?</B></FONT><br><FONT SIZE=2 face="Arial">You
can call an Investor Services Representative at (800) 221-4268 or you can
request a copy of the Plan for your Fund from Computershare. All correspondence
(including notifications) should be directed to: [Name of Fund] Distribution
Reinvestment and Cash Purchase Plan, c/o Computershare, PO Box 43010,
Providence, RI 02940-3010, telephone (800)
426-5523.</FONT></P>
</div>
</div>
<br clear="all">
<br>

<P><FONT color="#004a8d"  face=arial SIZE=1>20 </font> <FONT SIZE=1 color="#c3ce22" face="arial"> | </font><FONT SIZE=1 color="#004a8d" face="arial">The Royce Funds 2011 Annual Report to Stockholders</FONT></P>

<HR NOSHADE ALIGN="LEFT" WIDTH="90%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<table border=0 cellspacing=0 cellpadding=0 width="90%">
  <tr style="FONT-SIZE:1PX">
    <td width=355 valign=TOP><p>&nbsp;</p></td>
    <td width=366 valign=TOP><p>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign=TOP><p><FONT color="#004a8d" SIZE=5><a style="text-decoration:none" name="rvt1"></a>Royce Value
      Trust</font></p></td>
    <td valign=bottom><p align=RIGHT><FONT color="#004a8d" face="times new roman" SIZE=4>December
      31, 2011</font></p></td>
  </tr>
  <tr style="FONT-SIZE:1PX;">
    <td valign=TOP style="BORDER-top:SOLID #004a8d 2PX">&nbsp;</td>
    <td valign=TOP style="BORDER-top:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td colspan=2 valign=TOP><p><FONT face=arial SIZE=1>&nbsp;</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td colspan=2 valign=TOP><p><FONT color="#004a8d" face=arial SIZE=4>&nbsp;&nbsp;&nbsp;<b>Schedule
      of Investments</b></font></p></td>
  </tr>
</table>

<br>

<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><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=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>COMMON STOCKS &#150; 114.5%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Consumer Discretionary &#150; 12.2%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Auto Components - 0.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">China XD Plastics </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">79,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">422,928</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Gentex Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,479,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Minth Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,693,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,587,116</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Norstar Founders Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</a></sup><a style="text-decoration:none" href="#p27_2"><font size="2" face="Arial" color="#000000"><sup>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">524,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">24,626</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Williams Controls</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">37,499</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">414,739</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,928,909</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Automobiles - 0.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,371,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Winnebago Industries </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">222,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,642,050</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,013,550</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  color="#004a8d" SIZE=2 face="Arial">Distributors - 1.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">LKQ Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">230,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,918,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Weyco Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">97,992</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,405,704</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,324,104</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Diversified Consumer Services - 1.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Anhanguera Educacional Participacoes</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">862,083</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ChinaCast Education </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">135,642</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">830,129</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Corinthian Colleges </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">59,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">129,115</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MegaStudy</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,308,160</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Regis Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">233,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,869,390</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Sotheby's</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">175,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,012,721</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Steiner Leisure </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,042</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">682,756</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Universal Technical Institute </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">153,021</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,955,608</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,649,962</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Hotels, Restaurants &amp; Leisure - 0.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Benihana </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">33,759</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CEC Entertainment</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">64,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,208,245</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,242,004</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Household Durables - 2.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Desarrolladora Homex ADR </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">237,867</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ekornes</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">55,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">901,210</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Ethan Allen Interiors</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">345,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,198,918</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hanssem</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">39,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">690,699</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Harman International Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,940,040</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Mohawk Industries </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">150,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,989,470</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">NVR </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">343,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Universal Electronics </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">168,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Woongjin Coway</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,588,541</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,058,445</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Internet &amp; Catalog Retail - 0.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Manutan International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,573</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,774,893</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Takkt</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">106,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,168,863</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,943,756</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Leisure Equipment &amp; Products - 0.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Beneteau</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">680,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Shimano</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">53,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,575,289</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,256,039</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Media - 1.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Global Sources </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">49,171</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">238,480</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Lamar Advertising Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,402,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Morningstar</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">109,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,527,610</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>



<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Consumer Discretionary (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Media
 (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Far East Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13,679,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,448,151</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,616,741</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Multiline Retail - 0.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">New World Department Store China</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,754,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">998,606</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Specialty Retail - 1.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ascena Retail Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">68,280</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,029,282</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Dickson Concepts (International)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">434,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">225,912</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Dover Saddlery </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,821</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">70,927</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">24,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">588,772</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hengdeli Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,660,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">540,833</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Jos. A. Bank Clothiers </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">828,920</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Lewis Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,985,742</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Luk Fook Holdings (International)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">202,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">704,839</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Men's Wearhouse (The)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">31,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,004,710</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Sa Sa International Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">662,838</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Stein Mart </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">167,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,142,718</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Systemax </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">224,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,675,840</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">West Marine </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">131,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,524,693</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,986,026</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Textiles, Apparel &amp; Luxury Goods - 3.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Anta Sports Products</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">653,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">780,483</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Carter's </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">236,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,395,160</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  China
 Xiniya Fashion ADR </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">91,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Columbia Sportswear</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,197</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,197,020</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Daphne International Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,400,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,560,132</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Grendene</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,236,831</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">J.G. Boswell Company </font><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><SUP>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,292</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,570,020</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">K-Swiss Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,<a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">163,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">477,712</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Lazare Kaplan International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">95,437</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">238,592</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Pacific Textiles Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,470,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,965,854</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Stella International Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">788,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,714,168</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Texwinca Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">301,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">334,074</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Unifi </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,333</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">306,531</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Van de Velde</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">457,259</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Warnaco Group (The) </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">55,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,787,228</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Wolverine World Wide</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,564,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,676,464</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $99,807,989)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">117,694,606</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Consumer Staples &#150; 2.3%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Beverages - 0.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Heckmann
 Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">332,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MGP Ingredients</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">127,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">642,096</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">974,596</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Food &amp; Staples Retailing - 0.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">FamilyMart</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,636,482</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Food Products - 1.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Alico</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">522,990</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Asian Citrus Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">387,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">202,224</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Binggrae</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,296</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,205,244</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BW Plantation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">875,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">108,091</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,513,998</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">First Resources</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,204,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,402,604</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

</div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=501 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=220 VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1>2011
 Annual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>21</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN="LEFT" WIDTH="90%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<P><FONT SIZE=1>&nbsp;</FONT></P>

<table border=0 cellspacing=0 cellpadding=0 width="90%">
  <tr style="FONT-SIZE:1PX">
    <td width=355 valign=TOP><p>&nbsp;</p></td>
    <td width=366 valign=TOP><p>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign=TOP><p><FONT color="#004a8d" SIZE=5><a style="text-decoration:none" name="rvt-poi1"></a>Royce Value
      Trust</font></p></td>
    <td valign=bottom><p align=RIGHT><FONT color="#004a8d" face="arial" SIZE=4></font></p></td>
  </tr>
  <tr style="FONT-SIZE:1PX;">
    <td valign=TOP style="BORDER-top:SOLID #004a8d 2PX">&nbsp;</td>
    <td valign=TOP style="BORDER-top:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td colspan=2 valign=TOP><p><FONT face=arial SIZE=1>&nbsp;</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td colspan=2 valign=TOP><p><FONT color="#004a8d" face=arial SIZE=4>&nbsp;&nbsp;&nbsp;<b>Schedule
      of Investments</b></font></p></td>
  </tr>
</table>
<br>
<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><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=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Consumer Staples (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Food Products (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hershey Creamery </font><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><SUP>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">709</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,205,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Origin Agritech </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">76,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">181,248</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Seneca Foods Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">110,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,840,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Seneca Foods Cl. B </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13,251</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">345,056</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Super Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">890,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">902,317</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Tootsie Roll Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">278,566</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,593,657</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Waterloo
 Investment Holdings </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_2"><font size="2" face="Arial" color="#000000"><sup>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">598,676</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">83,695</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Westway Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">31,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">176,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,283,024</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $20,158,826)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,894,102</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Diversified Investment Companies &#150; 0.5%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Closed-End Funds - 0.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Central Fund of Canada Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">226,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,429,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $2,031,251)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,429,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Energy &#150; 6.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Energy Equipment &amp; Services - 5.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Atwood Oceanics </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">608,787</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Dive International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">456,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,026,563</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CARBO Ceramics</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">29,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,662,901</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,702,592</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ensign Energy Services</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">225,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,590,552</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">98,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,719,280</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ION Geophysical </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">361,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,215,995</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Oceaneering International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">456,687</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Oil States International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">152,723</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,663,456</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">97,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,142,577</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">SEACOR Holdings </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">73,866</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,571,119</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ShawCor Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">82,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,338,748</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">TETRA Technologies </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">68,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">635,120</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">TGS-NOPEC Geophysical</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">96,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,126,788</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Tidewater</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,774,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">169,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,926,866</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,577,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Willbros Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">103,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">380,946</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,121,377</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Oil, Gas &amp; Consumable Fuels - 0.7%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Bill Barrett </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,703,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cimarex Energy</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">61,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,794,470</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Resolute Energy </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">141,134</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,524,247</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,022,217</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $37,440,084)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">58,143,594</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Financials &#150; 20.6%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Capital Markets - 9.7%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">A.F.P. Provida ADR</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,445,782</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ABG Sundal Collier Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">115,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">70,951</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Affiliated Managers Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,567,220</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">AllianceBernstein Holding L.P.</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">514,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,730,968</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">AP Alternative Assets L.P.</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">233,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,970,540</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Artio Global Investors Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">235,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,146,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ASA Gold and Precious Metals</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,047,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>


<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Financials (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Capital
 Markets (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">868,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,502,333</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Azimut Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,183</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">578,755</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Banca Generali</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">86,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">801,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Bank Sarasin &amp; Co. Cl. B</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">33,120</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">967,895</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Banque Privee Edmond de Rothschild</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">587,672</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BKF Capital Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">144,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BT Investment Management</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">207,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">382,154</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Close Brothers Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">43,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">413,696</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Coronation Fund Managers</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">526,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,479,111</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cowen Group Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,154,458</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,990,046</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Daewoo Securities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,139</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Eaton Vance</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">85,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,016,492</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Egyptian Financial Group-Hermes</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Holding </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">783,125</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,298,553</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Epoch Holding Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">555,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Equity Trustees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">38,314</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">521,587</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">F&amp;C Asset Management</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">60,986</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">FBR &amp; Co. </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">576,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,181,210</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Federated Investors Cl. B</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">224,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,404,205</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Fiducian Portfolio Services</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">227,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">239,141</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">GAMCO Investors Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">90,575</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,939,107</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">GFI Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">166,247</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">684,938</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">GIMV</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,073,969</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Gleacher &amp; Company </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">336,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">GP Investments BDR </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,604</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">33,212</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investec</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">118,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">621,231</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">IOOF Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">123,592</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">647,219</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Jupiter
 Fund Management</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">252,867</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">KKR &amp; Co. L.P.</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">415,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,324,450</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Lazard Cl. A</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">317,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,295,147</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MVC Capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">234,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,714,378</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Oppenheimer Holdings Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,207,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Paris Orleans et Cie</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">188,359</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,559,242</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,128,798</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Perpetual</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,085</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">294,317</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Phatra Capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">375,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">341,720</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Platinum Asset Management</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">149,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">536,438</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Rathbone Brothers</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">582,748</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Reinet Investments </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">164,948</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,932,203</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Schroders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">838,704</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">SEI Investments</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">321,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,581,495</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">SHUAA Capital </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">485,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,622</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">SPARX Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,320</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">91,922</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">269,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,532,254</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Teton Advisors Cl. A </font><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><SUP>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">723</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,761</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Treasury Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">191,207</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Trust Company (The)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">100,584</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">516,444</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">UOB-Kay Hian Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">190,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">224,856</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,016,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,097,893</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Vontobel Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">456,084</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">VZ Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">873,257</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Waddell &amp; Reed Financial Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">139,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,450,461</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Westwood Holdings Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,460</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">857,463</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>


</div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=217 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=505 VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d"  face=arial SIZE=1>22 <FONT color="#004a8d" face=arial SIZE=1>| </FONT><FONT  color="#004a8d" face=arial SIZE=1>2011 Annual
 Report to Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN="LEFT" WIDTH="90%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<table border=0 cellspacing=0 cellpadding=0 width="90%">
  <tr style="FONT-SIZE:1PX">
    <td width=355 valign=TOP><p>&nbsp;</p></td>
    <td width=366 valign=TOP><p>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign=TOP><p><FONT color="#004a8d" SIZE=5><a style="text-decoration:none" name="rvtp1"></a></font></p></td>
    <td valign=bottom><p align=RIGHT><FONT color="#004a8d" face="times new roman" SIZE=4>December
      31, 2011</font></p></td>
  </tr>
 <TR STYLE="FONT-SIZE:1PX;">
    <td valign=TOP style="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
    <td valign=TOP style="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
   <tr>
    <td colspan=2 valign=TOP><p><FONT face=arial SIZE=1>&nbsp;</font></p></td>
  </tr>
  <tr bgcolor="#dbe1ef">
    <td colspan=2 valign=TOP><p><FONT color="#004a8d" face=arial SIZE=4>&nbsp;</font></p></td>
  </tr>
</table>

<br>

<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <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 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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 face="Arial"><B>VALUE</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Financials (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Capital Markets (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Woori Investment &amp; Securities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,911</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">137,202</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">93,587,395</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Commercial Banks - 1.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ameriana Bancorp</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">160,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Bank of N.T. Butterfield &amp; Son </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">882,304</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,014,650</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BCB Holdings </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">598,676</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">251,031</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Center Bancorp</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">44,868</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">438,360</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Commercial National Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">37,996</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">897,465</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Farmers &amp; Merchants Bank of Long</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Beach</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,860,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Fauquier Bankshares</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">160,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,744,680</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hawthorn Bancshares</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,458</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">168,318</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">M&amp;T Bank</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,927</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,292,207</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mauritius Commercial Bank</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">227,598</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mechanics Bank</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,280,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Old Point Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">251,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Peapack-Gladstone Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">112,770</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13,699,129</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Consumer Finance - 0.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">World Acceptance </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">42,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,087,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Diversified Financial Services - 0.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Banca Finnat Euramerica</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,060,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">394,972</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Interactive Brokers Group Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,494,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">106,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,183,538</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">RHJ International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">102,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">465,639</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">State Bank of Mauritius</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">46,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">131,652</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,669,801</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Insurance - 5.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Alleghany Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,619</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,161,744</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Argo Group International Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">64,751</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,875,189</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Brown &amp; Brown</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">291,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,603,434</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Crawford &amp; Company Cl. B</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,160</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,146</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Discovery Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">646,636</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">eHealth </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">32,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">470,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">E-L Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,641,472</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Enstar Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,080,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Erie Indemnity Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,908,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hilltop Holdings </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">290,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,453,880</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Independence Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">317,658</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,582,560</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Platinum Underwriters Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">139,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,741,290</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Primerica</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,950,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ProAssurance Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,756,040</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">RLI</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">80,724</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,881,551</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Validus Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">513,450</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">White Mountains Insurance Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,050</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">476,133</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">53,749,925</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Real Estate Investment Trusts (REITs) - 0.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Colony
 Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">405,178</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,365,346</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Real Estate Management &amp; Development - 1.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Altisource Portfolio Solutions </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,199</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,067,366</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Consolidated-Tomoka Land</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">63,564</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,720,677</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">E-House China Holdings ADR</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">406,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,734,047</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Forestar Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,723,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,587,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>



<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Financials (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Real Estate Management &amp; Development (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Midland Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,927,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,002,796</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">St. Joe Company (The) </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">127,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,861,820</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Tejon Ranch </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">222,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,434,560</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18,131,666</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Thrifts &amp; Mortgage Finance - 0.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CFS Bancorp</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">649,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">HopFed Bancorp</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">108,721</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">706,686</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kearny Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">70,862</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">673,189</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MyState</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">152,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">522,365</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ocwen Financial </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">123,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,789,728</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Bancorp </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_5"><font size="2" face="Arial" color="#000000"><sup>5</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">444,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,710,170</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,051,638</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $229,860,099)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">199,341,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Health Care &#150; 7.3%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Biotechnology - 0.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Pharmacyclics </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">98,746</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,463,416</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">3SBio ADR </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,752</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,684,168</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Health Care Equipment &amp; Supplies - 2.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Healthcare Products </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">180,512</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">613,741</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Analogic Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,135</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,300,538</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Atrion Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,783,622</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">bioMerieux</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">986,623</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Carl Zeiss Meditec</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">163,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,457,699</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CONMED Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">81,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,092,105</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">DiaSorin</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">756,748</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">DynaVox Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">55,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">200,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">IDEXX Laboratories </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,201</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,093,869</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kossan Rubber Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">700,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">718,281</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Nihon Kohden</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">619,266</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Straumann Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">690,301</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Top Glove</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">700,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,104,101</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Urologix </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">315,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">340,740</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Young Innovations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">62,550</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,853,356</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Zoll Medical </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25,272</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,636,462</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Health Care Providers &amp; Services - 0.7%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cross Country Healthcare </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">166,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Landauer</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">75,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,888,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Metropolitan
 Health Networks </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">209,907</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MWI Veterinary Supply </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">664,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">VCA Antech </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,439,775</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,368,832</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Life Sciences Tools &amp; Services - 2.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Affymetrix </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Albany Molecular Research </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">85,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">249,050</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Bio-Rad
 Laboratories Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,888</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,102,124</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">EPS</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">512</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">985,818</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Furiex Pharmaceuticals </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,333</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">139,244</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ICON ADR </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">266,650</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,562,381</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Luminex Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">424,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mettler-Toledo International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">33,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,948,285</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

</div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=500 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=221 VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1>2011
 Annual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>23</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN="LEFT" WIDTH="90%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=327 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=327 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
  <tr>
    <td valign=TOP><p><FONT color="#004a8d" SIZE=5><a style="text-decoration:none" name="rvt-poi11"></a>Royce Value
      Trust</font></p></td>
    <td valign=bottom><p align=RIGHT><FONT color="#004a8d" face="arial" SIZE=4></font></p></td>
  </tr>
  <tr style="FONT-SIZE:1PX;">
    <td valign=TOP style="BORDER-top:SOLID #004a8d 2PX">&nbsp;</td>
    <td valign=TOP style="BORDER-top:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
  <tr>
    <td colspan=2 valign=TOP><p><FONT face=arial SIZE=1>&nbsp;</font></p></td>
  </tr>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP colspan="2">
 <P><FONT color="#004a8d" face=arial SIZE=4>&nbsp;&nbsp;&nbsp;<b>Schedule
 of Investments</b></FONT></P></TD>
 </TR>
</TABLE><BR>

<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><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=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Health Care (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Life Sciences Tools &amp; Services (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PAREXEL International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">312,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,479,176</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PerkinElmer</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">185,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,716,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Techne Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">71,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,846,460</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,494,038</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Pharmaceuticals - 1.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Adcock Ingram Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">230,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,759,357</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Almirall</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">140,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">962,146</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Boiron</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,554,654</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Daewoong Pharmaceutical</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,582</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">442,602</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hikma Pharmaceuticals</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">577,716</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kalbe Farma</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">800,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">299,972</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Recordati</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">215,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,554,104</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Santen Pharmaceutical</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,965,311</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Virbac</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,396,626</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,512,488</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $51,570,332)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">70,695,988</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Industrials &#150; 27.9%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Aerospace &amp; Defense - 2.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cubic Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">374,874</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ducommun</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">117,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,494,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>HEICO Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">168,281</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,841,073</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>HEICO Corporation Cl. A</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,718</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,035,103</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hexcel Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,149,975</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Moog Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,098,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">National Presto Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">280,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Teledyne Technologies </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">62,430</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,424,286</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19,698,661</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Air Freight &amp; Logistics - 1.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">C. H. Robinson Worldwide</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,489,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Forward Air</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">209,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,722,488</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hub Group Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">149,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,845,042</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">UTi Worldwide</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,325,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,382,280</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Airlines - 0.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Spirit
 Airlines </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">174,720</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Building Products - 1.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">American Woodmark</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">123,335</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,684,756</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Burnham Holdings Cl. B </font><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><SUP>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">484,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Simpson Manufacturing</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">258,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,697,744</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Sung Kwang Bend</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">258,941</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,125,641</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Commercial Services &amp; Supplies - 2.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Brink's Company (The)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">206,320</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,545,882</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cintas Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">870,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CompX International Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">185,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,729,469</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Copart </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">74,890</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,586,482</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kimball International Cl. B</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">286,180</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,450,932</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Moshi Moshi Hotline</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,072,236</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Ritchie Bros. Auctioneers</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">337,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,456,416</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,711,667</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;
</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Construction &amp; Engineering - 1.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">EMCOR Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">199,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,345,914</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>



<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Industrials
 (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Construction &amp;
 Engineering (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Integrated Electrical Services </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">266,349</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">511,390</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">81,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,303,212</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">KBR</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,877,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Raubex Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,074,939</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,112,705</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Electrical Equipment - 3.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">AZZ</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">43,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,953,920</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Belden</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,923,584</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Electric</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">104,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,556,376</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Fushi Copperweld </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">132,931</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">999,641</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">395,090</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,392,978</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Jinpan International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">138,384</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,127,138</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Powell Industries </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">92,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,890,272</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Preformed Line Products</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">91,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,464,856</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Regal-Beloit</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">116,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,938,005</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">30,246,770</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Industrial Conglomerates -
 0.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Raven Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">96,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,954,780</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Machinery
 - 10.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Armstrong Industrial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,776,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">481,572</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Burckhardt Compression Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,603,428</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">China Automation Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">594,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">172,315</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CLARCOR</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">92,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,624,075</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Columbus McKinnon </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">133,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,689,039</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Donaldson Company</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">92,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,317,824</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">FAG Bearings India</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">553,594</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Flowserve Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">913,744</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Gardner Denver</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,995,854</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Graco</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">116,376</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,758,615</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hardinge</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">26,193</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">210,854</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">IDEX Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">67,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,501,214</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Industrea</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,064,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,067,196</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kennametal</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">155,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,660,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Lincoln Electric Holdings</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">216,760</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,479,651</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Lindsay Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">351,296</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mueller Water Products Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">176,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">NN </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">197,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,182,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Nordson Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">204,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,408,956</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">31,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,713,034</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PMFG </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">255,352</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,981,917</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Rational</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,741,543</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">RBC Bearings </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,959,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Rotork</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">374,661</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,791,536</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Spirax-Sarco Engineering</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">82,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,385,190</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Valmont Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">53,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,884,502</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">WABCO Holdings </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">103,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,504,920</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Wabtec Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">103,325</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,227,584</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Woodward</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">231,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,479,388</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">97,193,502</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Marine - 0.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kirby Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,267,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Professional Services -
 2.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Advisory Board (The) </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">128,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,535,985</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE></div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=222 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=499 VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1>24 <FONT face=arial SIZE=1>| </FONT><FONT color="#004a8d" face=arial SIZE=1>2011 Annual
 Report to Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=326 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face="times new roman" SIZE=4>December
 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
  <tr>
    <td valign=TOP><p><FONT face=arial SIZE=1>&nbsp;</font></p></td>
  </tr>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=5>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<br>

<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><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=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Industrials (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Professional Services (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CRA International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">64,187</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,273,470</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">FTI Consulting </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,850</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">332,997</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">JobStreet Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,174</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ManpowerGroup</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">78,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,809,950</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Michael Page International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,083,373</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">On Assignment </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">375,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,196,972</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Robert Half International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">98,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,814,694</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,082,615</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Road &amp; Rail - 1.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Arkansas Best</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">100,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,936,635</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Frozen Food Express Industries </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">286,635</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">369,759</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Landstar System</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">99,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,763,248</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">212,958</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,621,189</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Universal Truckload Services</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">114,976</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,086,814</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13,777,645</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Trading Companies &amp; Distributors - 0.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">AerCap Holdings </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">508,050</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Air Lease
 Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">964,997</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Lawson Products</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">161,431</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,490,880</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MSC Industrial Direct Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">60,948</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,360,830</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,324,757</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $164,936,029)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">270,052,943</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Information Technology &#150; 22.3%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Communications Equipment - 2.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">AAC Technologies Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">556,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,254,378</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ADTRAN</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">121,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,670,472</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Arris Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">140,350</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,518,587</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Bel Fuse Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,672</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">770,845</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Black Box</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">43,798</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,228,096</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cogo Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">107,515</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">193,527</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Comba Telecom Systems Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">812,128</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">655,633</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Comtech Telecommunications</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">858,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Emulex Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">579,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,971,940</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">EVS Broadcast Equipment</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">37,298</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,906,299</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Globecomm Systems </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">183,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,513,016</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Sonus Networks </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,124,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,697,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">VTech Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">105,550</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,058,680</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Zhone Technologies </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">422,103</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">363,009</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,660,682</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Computers &amp; Peripherals - 1.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">China Digital TV Holding Co. ADR</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,850</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Diebold</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">151,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,558,612</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Electronics for Imaging </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,517</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">121,367</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Intermec </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">157,780</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Intevac </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,450</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">425,130</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">472,416</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">SMART Technologies Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">276,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Steel Excel </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">156,880</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,765,120</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,793,025</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Electronic Equipment, Instruments &amp; Components - 9.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Agilysys </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">165,125</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,312,744</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Anixter International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">61,795</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,685,454</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>



<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Information Technology (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Electronic Equipment, Instruments &amp; Components (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Benchmark Electronics </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">165,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,225,244</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">China 3C Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">396</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">China High Precision Automation Group </font><a style="text-decoration:none" href="#p27_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,720,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">478,773</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Chroma Ate</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">519,982</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,020,078</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Cognex Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">236,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,453,598</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Coherent </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">235,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,330,493</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Dolby Laboratories Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">169,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,177,547</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> FEI
 Company </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">127,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,199,450</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">FLIR Systems</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">105,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,632,350</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hana Microelectronics</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,391,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">833,457</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hollysys Automation Technologies </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">65,727</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">546,849</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Image Sensing Systems </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,310</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">54,140</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">IPG Photonics </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">73,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,492,832</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kingboard Chemical Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">311,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">921,652</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mercury Computer Systems </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">538,245</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Molex</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,732,236</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">National Instruments</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">251,850</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,535,507</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Newport Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">523,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,124,835</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Nice</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,368</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25,884</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Perceptron </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">357,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,702,652</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Plexus Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">195,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,358,266</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Pulse Electronics</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">286,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">801,360</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Richardson Electronics</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">395,712</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,863,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Rofin-Sinar Technologies </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">320,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,325,710</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Tech Data </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">136,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,744,465</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">TTM Technologies </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">211,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,316,944</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Vaisala Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">166,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,523,467</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">95,957,928</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Internet Software &amp; Services - 0.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Active
 Network </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">292,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Perficient </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">100,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">RealNetworks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">61,350</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">460,125</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ValueClick </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">145,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,362,050</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> VistaPrint
 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,355,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,569,675</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">IT Services - 3.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Convergys Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">121,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,545,170</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CoreLogic </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">94,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,215,420</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Forrester Research </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,367,782</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Gartner </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">101,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,511,770</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hackett Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">655,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,449,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ManTech International Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,105,896</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>MAXIMUS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">188,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,790,340</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MoneyGram International </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">164,962</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,928,075</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">NeuStar Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">84,287</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,880,087</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Sapient Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">706,602</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,903,185</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Total System Services</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">923,232</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Union</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">127,820</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Yucheng Technologies </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">83,946</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">188,879</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,937,356</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Office Electronics - 0.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Zebra Technologies Cl. A </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,005,418</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Semiconductors &amp; Semiconductor Equipment - 2.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">914,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
</div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=500 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=221 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1><B>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="right"><FONT color="#004a8d" face=arial SIZE=1>2011 Annual Report to
 Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>25</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=4>&nbsp;&nbsp;&nbsp;<b>Schedule
 of Investments </b></FONT></P></TD>
 </TR>
</TABLE>

<br>
<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <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 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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 face="Arial"><B>VALUE</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Information Technology (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Semiconductors &amp; Semiconductor Equipment (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,004</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">572,623</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ASM Pacific Technology</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">110,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,234,324</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BE Semiconductor Industries </font><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><SUP>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">58,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">376,420</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cymer </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">105,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,259,632</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Diodes </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">262,850</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,598,705</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Exar Corporation </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">157,576</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,024,244</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">International Rectifier </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,330,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Power Integrations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">49,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,624,840</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Teradyne </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">240,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,273,926</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Veeco Instruments </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">66,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,372,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,582,314</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Software - 2.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ACI Worldwide </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">131,150</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,756,136</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Advent Software </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">68,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,668,660</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ANSYS </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">105,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,048,768</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Aspen Technology </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">42,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">730,435</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Blackbaud</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,890</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,160,353</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">JDA Software Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">49,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,616,261</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Majesco Entertainment </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,255</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">88,462</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net 1 UEPS Technologies </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">383,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">NetScout Systems </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">66,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,161,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">SimCorp</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,350</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,649,340</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">THQ </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19,278,715</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $191,860,117)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">215,785,113</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Materials &#150; 9.9%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Chemicals - 1.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cabot Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">58,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,864,120</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CF Industries Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">652,410</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Fufeng Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,029,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,388,458</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hanfeng Evergreen </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,785</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hawkins</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">110,978</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,090,649</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Huchems Fine Chemical</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,056</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">693,678</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Intrepid Potash </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">94,727</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,143,672</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">OM Group </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,015,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Victrex</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,191,462</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,060,334</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Construction Materials - 0.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ash Grove Cement Cl. B </font><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><SUP>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">50,518</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,567,340</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mardin Cimento Sanayii</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">325,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,026,270</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,593,610</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Containers &amp; Packaging - 1.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Broadway Industrial Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,677,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">381,461</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Greif Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">119,444</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,440,674</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mayr-Melnhof Karton</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,358,976</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,181,111</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Metals &amp; Mining - 6.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Allegheny Technologies</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">167,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Aquarius Platinum</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">851,743</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">AuRico Gold </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">218,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,748,583</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,548,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Central Steel &amp; Wire </font><a style="text-decoration:none" href="#p27_4"><font size="2" face="Arial" color="#000000"><SUP>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,062</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,970,610</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Materials
 (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Metals &amp; Mining
 (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cliffs Natural Resources</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">37,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,319,420</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Commercial Metals</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">506,178</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">715,583</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 (Warrants) </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,534</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">948,572</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hecla Mining</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,569,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hidili Industry International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Development</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,768</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hochschild Mining</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">375,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,249,799</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">IAMGOLD Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">95,620</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,515,577</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kimber Resources </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">560,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">481,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Maharashtra Seamless</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">265,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,590,349</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">345,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,264,151</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Medusa Mining</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">525,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,389,517</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">New Gold </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">135,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,360,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Northam Platinum</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">460,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,709,497</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">166,050</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,570,598</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">183,911</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Reliance Steel &amp; Aluminum</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">152,920</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,445,675</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Royal Gold</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,319,592</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,228,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Silvercorp Metals</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">116,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">745,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Sims Metal Management ADR</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">232,383</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,986,122</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Synalloy Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">178,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,836,276</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Worthington Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">185,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,030,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">60,321,655</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Paper &amp; Forest Products
 - 0.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">China Forestry Holdings </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_2"><font size="2" face="Arial" color="#000000"><sup>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,563,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">676,822</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Duratex</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">573,864</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Qunxing
 Paper Holdings </font><a style="text-decoration:none" href="#p27_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,296,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">437,113</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,687,799</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $82,708,352)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">95,844,509</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Telecommunication
 Services &#150; 0.6%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial">Wireless Telecommunication
 Services - 0.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p27_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Telephone
 &amp; Data Systems</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">210,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,436,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $5,760,616)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,436,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Miscellaneous <a style="text-decoration:none" href="#p27_6"><SUP>6</a></SUP> &#150; 4.9%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></font><FONT SIZE=2 face="Arial">(Cost $50,772,540)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,162,474</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>TOTAL COMMON STOCKS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 $936,906,235)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,106,481,729</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>PREFERRED
 STOCK &#150; 0.1%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Seneca Foods Conv.
 </font><a style="text-decoration:none" href="#p27_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p27_2"><font size="2" face="Arial" color="#000000"><sup>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 $796,469)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">55,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,278,090</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
</TABLE>
</div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=226 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=495 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1>26 <FONT face=arial SIZE=1>| </FONT><FONT color="#004a8d" face=arial SIZE=1>2011 Annual
 Report to Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face=arial SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=326 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" face="times new roman" SIZE=4>December
 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
  <tr>
    <td valign=TOP><p><FONT face=arial SIZE=1>&nbsp;</font></p></td>
  </tr>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=5>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<br>


<div style="height:200px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><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>PRINCIPAL</B></FONT></P></TD>
 <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 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>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 face="Arial"><B>AMOUNT</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT color="#004a8d" SIZE=2 face="Arial"><B>CORPORATE BOND &#150; 0.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">GAMCO Investors (Debentures) 0.00%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">due 12/31/15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 $289,840)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">289,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">190,063</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'><FONT color="#004a8d" SIZE=2 face="Arial"><B>REPURCHASE AGREEMENT &#150; 8.7%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='TEXT-indent:1px'><FONT SIZE=2 face="Arial">Fixed Income Clearing Corporation,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">0.01% dated 12/30/11, due 1/3/12,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">maturity value $84,083,093 (collateralized</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">by obligations of various U.S. Government</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Agencies, 4.25% due 9/30/12, valued at</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">$86,188,947)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 $84,083,000)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">84,083,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:.5IN;TEXT-INDENT:-.5IN'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
</TABLE>


<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><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>VALUE</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>COLLATERAL RECEIVED FOR SECURITIES<br>LOANED &#150; 2.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='TEXT-indent:1px'><FONT SIZE=2 face="Arial">Money Market Funds</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Federated Government Obligations Fund</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">(7 day yield-0.0098%)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 $18,943,423)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18,943,423</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>TOTAL INVESTMENTS &#150; 125.3%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 $1,041,018,967)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,210,976,305</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>LIABILITIES LESS CASH<br>AND OTHER ASSETS &#150; (2.5)%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(24,336,432</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>PREFERRED STOCK &#150; (22.8)%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(220,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET ASSETS APPLICABLE TO COMMON<br>STOCKHOLDERS &#150; 100.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial"><B>966,639,873</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
</TABLE>

</div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p27_p"><font size="2" face="Arial" color="#000000"><SUP></a>&#134; </SUP></font></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">New additions in 2011.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p27_1"><font size="2" face="Arial" color="#000000"><SUP></a>1</SUP></font></P></TD>

 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">Non-income producing. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p27_2"><font size="2" face="Arial" color="#000000"><SUP></a>2 </SUP></font></P></TD>

 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">Securities for which market quotations are
 not readily available represent 0.3% of net assets. These securities have
 been valued at their fair value under procedures approved by the Fund's Board
 of Directors. These securities are defined as Level 3 securities due to the
 use of significant unobservable inputs in the determination of fair value.
 See Notes to Financial Statements. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p27_3"><font size="2" face="Arial" color="#000000"><SUP></a>3</SUP></font></P></TD>

 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">All or a portion of these securities were on
 loan at December 31, 2011. Total market value of loaned securities at
 December 31, 2011, was $18,351,690. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p27_4"><font size="2" face="Arial" color="#000000"><SUP></a>4</SUP></font></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">These securities are defined as Level 2
 securities due to fair value being based on quoted prices for similar
 securities. See Notes to Financial Statements. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p27_5"><font size="2" face="Arial" color="#000000"><SUP></a>5</SUP></font></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">At December 31, 2011, the Fund owned 5% or
 more of the Company's outstanding voting securities thereby making the
 Company an Affiliated Company as that term is defined in the Investment
 Company Act of 1940. See Notes to Financial Statements. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p27_6"><font size="2" face="Arial" color="#000000"><SUP></a>6</SUP></font></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">Includes securities first acquired in 2011
 and less than 1% of net assets applicable to Common Stockholders. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>&nbsp;</TD>
 <TD VALIGN=TOP><P><FONT SIZE=2 face="Arial"><B>Bold
 indicates the Fund's 20 largest equity holdings in terms of December 31,
 2011, market value.</B></FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>&nbsp; </TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>&nbsp;
 <P><FONT SIZE=2 face="Arial">&nbsp;</font></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"><B>TAX
 INFORMATION: </B>The
 cost of total investments for Federal income tax purposes was $1,036,798,390.
 At December 31, 2011, net unrealized appreciation for all securities was
 $174,177,915, consisting of aggregate gross unrealized appreciation of $315,126,090
 and aggregate gross unrealized depreciation of $140,948,175. The primary
 difference between book and tax basis cost is the timing of the recognition
 of losses on securities sold.</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
</TABLE>

<br>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="29%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT  color="#004a8d" face=arial SIZE=1>2011
 Annual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>27</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN="LEFT" WIDTH="90%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="30%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4>December 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=4>&nbsp;&nbsp;&nbsp;<b>Statement of Assets and Liabilities</b></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>ASSETS:</B></FONT></P></TD>
 <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 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>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Investments at value (including collateral on loaned securities)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Non-Affiliated Companies (cost $951,503,401)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,125,183,135</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Affiliated Companies (cost $5,432,566)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,710,170</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total investments at value</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,126,893,305</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Repurchase agreements (at cost and value)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">84,083,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cash and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">157,955</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Receivable for investments sold</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">422,538</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Receivable for dividends and interest</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,223,901</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Prepaid expenses and other assets</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">438,826</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total Assets</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,213,219,525</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>LIABILITIES:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Payable for collateral on loaned securities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18,943,423</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Payable for investments purchased</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,565,490</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Payable for investment advisory fee</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">495,287</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Preferred dividends accrued but not yet declared</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">288,451</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Accrued expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">287,001</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">

 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total Liabilities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">26,579,652</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>PREFERRED STOCK:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">5.90% Cumulative Preferred Stock - $0.001 par value, $25 liquidation
 value per share; 8,800,000 shares outstanding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total Preferred Stock</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">966,639,873</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>ANALYSIS OF NET ASSETS APPLICABLE TO COMMON
 STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Common Stock paid-in capital - $0.001 par value per share; 68,171,494
 shares outstanding (150,000,000 shares authorized)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">792,918,593</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Undistributed net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,529,467</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Accumulated net realized gain (loss) on investments and foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,534,891</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net unrealized appreciation (depreciation) on investments and foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">169,945,371</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Preferred dividends accrued but not yet declared</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(288,449</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net Assets applicable to Common Stockholders (net asset value per
 share - $14.18)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">966,639,873</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Investments at identified cost (including $18,943,423 of collateral on
 loaned securities)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">956,935,967</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Market value of loaned securities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18,351,690</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=1>&nbsp;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="29%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="70%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>28 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual
 Report to Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<table border=0 cellspacing=0 cellpadding=0 width="90%">
  <tr style="FONT-SIZE:1PX">
    <td width="59%" valign=TOP><p>&nbsp;</p></td>
    <td width="40%" valign=TOP><p align=RIGHT>&nbsp;</p></td>
  </tr>
  <tr>
    <td valign=TOP><p><font color="#004a8d" size=5>Royce Value
      Trust</font></p></td>
    <td valign=TOP><p align=RIGHT><font color="#004a8d" size=4>Year Ended December 31, 2011</font></p></td>
  </tr>
  <TR STYLE="FONT-SIZE:1PX;">
    <td colspan=2 valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</td>
  </tr>
    <tr>
    <td valign=TOP><p><font color="#004a8d" size=1>&nbsp;</font></p></td>
    <td valign=TOP><p align=RIGHT><font color="#004a8d" size=1>&nbsp;</font></p></td>
  </tr>
    <tr bgcolor="#dbe1ef">
    <td valign=TOP><p><font color="#004a8d" face=arial size=4>&nbsp;&nbsp;&nbsp;<b>Statement of Operations</b></font></p></td>
    <td valign=TOP><p align=RIGHT><font color="#004a8d" size=1>&nbsp;</font></p></td>
  </tr>
</table>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>INVESTMENT INCOME:</B></FONT></P></TD>
 <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 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>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Income:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Dividends</font><a style="text-decoration:none" href="#p29_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,894,268</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Interest</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">70,069</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Securities lending</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">291,553</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,255,890</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Expenses:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investment advisory fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,250,388</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Stockholder reports</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">390,291</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Custody and transfer agent fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">353,506</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Administrative and office facilities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">130,674</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Directors' fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">123,009</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Professional fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">93,940</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Other expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">174,244</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,516,052</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,739,838</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
 AND FOREIGN CURRENCY:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net realized gain (loss):</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investments in Non-Affiliated Companies</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,155,485</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investments in Affiliated Companies</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(205,752</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</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">Foreign currency transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(235,955</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net change in unrealized appreciation (depreciation):</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investments and foreign currency translations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(143,666,818</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</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">Other assets and liabilities denominated in foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(3,447</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net realized and unrealized gain (loss) on investments and foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(107,956,487</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT
 OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(101,216,649</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(12,980,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS<br>FROM INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(114,196,649</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p29_1"><font size="2" face="Arial" color="#000000"></a><SUP>1</SUP> Net of foreign
withholding tax of $586,096.</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="70%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="29%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Annual Report to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>29</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=4>&nbsp;&nbsp;&nbsp;<b>Statement of Changes in Net Assets Applicable to Common
Stockholders</b></FONT></P></TD>
 </TR>
</TABLE>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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 bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><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 color="#004a8d" SIZE=2 face="Arial"><B>Year ended</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 color="#004a8d" SIZE=2 face="Arial"><B>Year ended</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>12/31/10</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>INVESTMENT OPERATIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,739,838</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,554,527</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net realized gain (loss) on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,713,778</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">111,092,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net change in unrealized appreciation (depreciation) on investments
 and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(143,670,265</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">143,429,334</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net increase (decrease) in net assets from investment operations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(101,216,649</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">270,076,761</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(2,024,508</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(12,980,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(10,955,492</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">&#151;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total distributions to Preferred Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(12,980,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(12,980,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS<br>FROM INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(114,196,649</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">257,096,761</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(5,275,650</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1,980,699</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(28,548,829</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">&#151;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(18,288,444</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">&#151;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(52,112,923</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1,980,699</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"  bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Reinvestment of distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,070,308</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">986,327</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total capital stock transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,070,308</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">986,327</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"  bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(139,239,264</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">256,102,389</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Beginning of year</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,105,879,137</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">849,776,748</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">End of year (including undistributed net investment income (loss) of
 $2,529,467 at 12/31/11 and<br>$2,347,906 at 12/31/10)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">966,639,873</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,105,879,137</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=1>&nbsp;</FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="31%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="68%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>30 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual
 Report to Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face=arial SIZE=4>&nbsp;&nbsp;&nbsp;<b>Financial Highlights</b></FONT></P></TD>
 </TR>
</TABLE>


<P align="justify" style="margin-right:10%;"><FONT SIZE=2 face="Arial">This table is presented to
show selected data for a share of Common Stock outstanding throughout each
period, and to assist stockholders in evaluating the Fund's performance for the
periods presented. </FONT></P>
 <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="43%" VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="2%" 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="2%" 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="2%" 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="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="7%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=14 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Years ended December 31</B>,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD COLSPAN=14 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><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 color="#004a8d" SIZE=2 face="Arial"><B>2011</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 color="#004a8d" SIZE=2 face="Arial"><B>2010</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 color="#004a8d" SIZE=2 face="Arial"><B>2009</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 color="#004a8d" SIZE=2 face="Arial"><B>2008</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 color="#004a8d" SIZE=2 face="Arial"><B>2007</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET ASSET VALUE, BEGINNING OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16.73</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.87</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19.74</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20.62</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>INVESTMENT OPERATIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.10</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.24</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.17</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.14</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net realized and unrealized gain (loss) on investments and<br>foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1.62</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3.85</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3.87</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(8.50</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.13</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total investment operations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1.52</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4.04</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(8.36</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.22</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.20</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.18</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</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">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.20</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.21</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</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">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total distributions to Preferred Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.19</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.20</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.20</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.21</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.22</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS FROM INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1.71</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3.89</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3.84</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(8.57</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.06</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</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">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.43</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1.18</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1.76</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</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">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.32</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.48</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.78</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.32</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1.72</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1.85</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Effect of reinvestment of distributions by Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.06</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total capital stock transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.06</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-Top:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET ASSET VALUE, END OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14.18</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16.73</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.87</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">19.74</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>MARKET VALUE, END OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14.54</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10.79</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18.58</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>TOTAL RETURN:</font><a style="text-decoration:none" href="#page31-a"><font size="2" face="Arial" color="#004a8d"><SUP>1</SUP></a></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Market Value</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(10.46</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35.05</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(48.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(8.21</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net Asset Value</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(10.06</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">30.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">44.59</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(45.62</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5.04</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO
 <br>COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investment advisory fee expense</font><a style="text-decoration:none" href="#page31-b"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.86</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.11</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.29</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</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">Other operating expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.12</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.12</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.12</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total expenses (net)</font><a style="text-decoration:none" href="#page31-c"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.98</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.23</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.38</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Expenses prior to fee waivers and balance credits</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.98</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.23</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.38</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Expenses prior to fee waivers</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.98</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.23</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.38</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.63</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.69</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1.66</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.94</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">0.43</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT  color="#004a8d" SIZE=2 face="Arial"><B>SUPPLEMENTAL DATA:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net Assets Applicable to Common Stockholders,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">End of Period (in thousands)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">966,640</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,105,879</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">849,777</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">603,234</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,184,669</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Liquidation Value of Preferred Stock,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">End of Period (in thousands)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Portfolio Turnover Rate</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">26</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">30</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">31</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">26</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>PREFERRED STOCK:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Total shares outstanding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,800,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,800,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,800,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,800,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,800,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Asset coverage per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">134.88</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">150.67</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">121.57</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">93.55</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">159.62</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Liquidation preference per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Average month-end market value per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">25.06</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23.18</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22.51</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23.68</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
</TABLE>
<br>
 <TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=BOTTOM>&nbsp;</TD>
 <TD WIDTH="99%" VALIGN=BOTTOM>&nbsp;</TD>
</TR>

<TR>
 <TD VALIGN=TOP>
<P><FONT SIZE=2 face="Arial"><a name="page31-a"></a><SUP>1</SUP></font></p></TD>
 <TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 face="Arial">The Market Value Total Return is calculated assuming a purchase of Common Stock on the opening
of the first business day and a sale on the closing of the last business day of
each period. Dividends and distributions are assumed for the purposes of this
calculation to be reinvested at prices obtained under the Fund's Distribution
Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is calculated
on the same basis, except that the Fund's net asset value is used on the
purchase and sale dates instead of market value.</FONT></P></TD>
</TR>
<TR>
 <TD VALIGN=TOP>
<P><FONT SIZE=2 face="Arial"><SUP><a name="page31-b"></a>2</SUP></font></p></TD>
 <TD VALIGN=TOP><P align="justify"><FONT SIZE=2 face="Arial">The investment
advisory fee is calculated based on average net assets over a rolling 60-month
basis, while the above ratios of investment advisory fee expenses are based on
the average net assets applicable to Common Stockholders over a 12-month basis.</FONT></P></TD></TR>
<TR>
 <TD VALIGN=TOP>
<P><FONT SIZE=2 face="Arial"><SUP><a name="page31-c"></a>3</SUP></font></p></TD>
 <TD VALIGN=TOP>
<P align="justify"><FONT SIZE=2 face="Arial">Expense ratios based
on total average net assets including liquidation value of Preferred Stock were
0.82%, 0.18%, 0.12%, 1.13% and 1.17% for the years ended December 31, 2011,
2010, 2009, 2008 and 2007, respectively.</FONT></P></TD></TR>
</TABLE>
<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="72%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="27%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Annual Report to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>31</FONT></FONT></P></TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=4 face="Arial">&nbsp;&nbsp;&nbsp;<b>Notes to
 Financial Statements</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<DIV STYLE="WIDTH:90%">

<P align="justify"><FONT color="#004a8d" SIZE=2 face="Arial"><B>Summary of Significant Accounting Policies: </B></FONT><br><FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
Value Trust, Inc. (the &#147;Fund&#148;), was incorporated under the laws of the State of
Maryland on July 1, 1986, as a diversified closed-end investment company. The
Fund commenced operations on November 26, 1986.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
preparation of financial statements in conformity with accounting principles
generally accepted in the United States of America requires management to make
estimates and assumptions that affect the reported amounts of assets and
liabilities and the disclosure of contingent assets and liabilities at the date
of the financial statements and the reported amounts of income and expenses
during the reporting period. Actual results could differ from those estimates.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under
the Fund&#146;s organizational documents, the officers and directors are indemnified
against certain liabilities that may arise out of the performance of their
duties to the Fund. Additionally, in the normal course of business, the Fund
enters into contracts with service providers that contain general
indemnification clauses. </FONT></P>

<div align="justify"><FONT color="#004a8d" SIZE=2 face="Arial"><B>Valuation of Investments:
</B></FONT><br>
<FONT SIZE=2 face="Arial"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>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'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></DIV>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR>
 <TD WIDTH="2%" VALIGN=TOP>
 <P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align="justify" STYLE='MARGIN-LEFT:10.65PT;TEXT-INDENT:-10.65PT'><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></TD>
 </TR>
</TABLE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR>
 <TD WIDTH="4%" VALIGN=TOP><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD WIDTH="3%" VALIGN=TOP nowrap><P><FONT SIZE=2 face="Arial">Level 1&nbsp;&#150;&nbsp;</FONT></P></TD>
 <TD WIDTH="92%" VALIGN=TOP><P align="justify"><FONT SIZE=2 face="Arial">quoted prices in active markets for identical securities.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">Level 2&nbsp;&#150;&nbsp;</FONT></P></TD>
 <TD VALIGN=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. Level 2 securities with values based
 on quoted prices for similar securities are noted in the Schedule of
 Investments. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">Level 3&nbsp;&#150;&nbsp;</FONT></P></TD>
 <TD VALIGN=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>
</TABLE>
<DIV STYLE="WIDTH:100%" ALIGN=JUSTIFY STYLE="MARGIN-BOTTOM:0;"><FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities. </FONT></div>

<div ALIGN=JUSTIFY STYLE="MARGIN-right:10%;"><FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the inputs used to value the Fund&#146;s investments as of
December 31, 2011. For a detailed breakout of common stocks by sector
classification, please refer to the Schedule of Investments. </FONT></div>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="38%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="2%" 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="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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Level 1</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT  color="#004a8d" SIZE=2 face="Arial"><B>Level 2</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Level 3</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Common Stocks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">886,429,719</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">218,350,981</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,701,029</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,106,481,729</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Preferred Stocks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,278,090</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,278,090</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Corporate Bonds</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">190,063</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">190,063</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cash Equivalents</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18,943,423</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">84,083,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">103,026,423</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
</TABLE>

<div><FONT SIZE=2 face="Arial">Level 3 Reconciliation: </FONT></div>
<br>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="14%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" 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="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="9%" 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><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 COLOR="#004a8d" SIZE=2 face="Arial"><B>Balance as of<BR>
 12/31/10</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  COLOR="#004a8d" SIZE=2 face="Arial"><B>Purchases</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 COLOR="#004a8d" SIZE=2 face="Arial"><B>Transfers In</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 COLOR="#004a8d" SIZE=2 face="Arial"><B>Transfers Out</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 COLOR="#004a8d" SIZE=2 face="Arial"><B>Sales</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 COLOR="#004a8d" SIZE=2 face="Arial"><B>Realized and Unrealized <BR>
 Gain (Loss)</font><a style="text-decoration:none" href="#p32_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></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 COLOR="#004a8d" SIZE=2 face="Arial"><B>Balance as of<BR>
 12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d  1PX">&nbsp;</TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Common Stocks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,925,934</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,208,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,254,555</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,429,807</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">259,787</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(2,998,666</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,701,029</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Preferred Stocks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,372,514</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">48,157</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(46,267</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,278,090</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Corporate Bonds</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">197,064</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">197,064</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT SIZE=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
</TABLE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="99%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p32_1"><font size="2" face="Arial" color="#000000"></a><SUP>1</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial">The net change in
 unrealized appreciation (depreciation) is included in the accompanying
 Statement of Operations. Change in unrealized appreciation (depreciation)
 includes net unrealized appreciation (depreciation) resulting from changes in
 investment values during the reporting period and the reversal of previously
 recorded unrealized appreciation (depreciation) when gains or losses are
 realized. Net realized gain (loss) from investments and foreign currency
 transactions is included in the accompanying Statement of Operations.</FONT></P></TD>
 </TR>

</TABLE>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>32 | 2011 Annual Report to
 Stockholders</FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color=#004a8d SIZE=4>&nbsp;&nbsp;&nbsp;<b>Notes to
 Financial Statements  (continued)</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<DIV STYLE="WIDTH:90%">

<P ALIGN=JUSTIFY><FONT color=#004a8d SIZE=2 face="Arial"><B>Repurchase Agreements: </B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 color=#004a8d SIZE=2 face="Arial"><B>Foreign Currency: </B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net
realized foreign exchange gains or losses arise from sales and maturities of
short-term securities, sales of foreign currencies, expiration of currency
forward contracts, currency gains or losses realized between the trade and
settlement dates on securities transactions, and the difference between the
amounts of dividends, interest, and foreign withholding taxes recorded on the
Fund's books and the U.S. dollar equivalent of the amounts actually received or
paid. Net unrealized foreign exchange gains and losses arise from changes in
the value of assets and liabilities, including investments in securities at the
end of the reporting period, as a result of changes in foreign currency
exchange rates.</FONT></P>

<P ALIGN=JUSTIFY><FONT color=#004a8d  SIZE=2 face="Arial"><B>Securities Lending: </B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund loans securities through a lending agent 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. The Fund&#146;s securities lending
income consists of the income earned on investing cash collateral, plus any
premium payments received for lending certain securities, less any rebates paid
to borrowers and lending agent fees associated with the loan. The lending agent
is not affiliated with Royce. </FONT></P>

<P ALIGN=JUSTIFY><FONT color=#004a8d  SIZE=2 face="Arial"><B>Taxes:</B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
a qualified regulated investment company under Subchapter M of the Internal
Revenue Code, the Fund is not subject to income taxes to the extent that it
distributes substantially all of its taxable income for its fiscal year. The
Schedule of Investments includes information regarding income taxes under the
caption &#147;Tax Information&#148;. </FONT></P>

<P ALIGN=JUSTIFY><FONT color=#004a8d  SIZE=2 face="Arial"><B>Distributions:</B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing
March 2011, the Fund pays quarterly distributions on the Fund&#146;s Common Stock at
the annual rate of 5% of the rolling average of the prior four calendar
quarter-end NAVs of the Fund&#146;s Common Stock, with the fourth quarter
distribution being the greater of 1.25% of the rolling average or the
distribution required by IRS regulations. Distributions to Preferred
Stockholders are accrued daily and paid quarterly and distributions to Common
Stockholders are recorded on ex-dividend date. Distributable capital gains
and/or net investment income are first allocated to Preferred Stockholder
distributions, with any excess allocable to Common Stockholders. If capital
gains and/or net investment income are allocated to both Preferred and Common
Stockholders, the tax character of such allocations is proportional. To the extent
that distributions are not paid from long-term capital gains, net investment
income or net short-term capital gains, they will represent a return of
capital. Distributions are determined in accordance with income tax regulations
that may differ from accounting principles generally accepted in the United
States of America. Permanent book and tax differences relating to stockholder
distributions will result in reclassifications within the capital accounts.
Undistributed net investment income may include temporary book and tax basis
differences, which will reverse in a subsequent period. Any taxable income or
gain remaining undistributed at fiscal year end is distributed in the following
year. </FONT></P>

<P ALIGN=JUSTIFY><FONT color=#004a8d  SIZE=2 face="Arial"><B>Investment Transactions and Related Investment Income: </B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment
transactions are accounted for on the trade date. Dividend income is recorded
on the ex-dividend date. Non-cash dividend income is recorded at the fair
market value of the securities received. Interest income is recorded on an
accrual basis. Premium and discounts on debt securities are amortized using the
effective yield-to-maturity method. Realized gains and losses from investment
transactions are determined on the basis of identified cost for book and tax
purposes. </FONT></P>

<P ALIGN=JUSTIFY><FONT color=#004a8d  SIZE=2 face="Arial"><B>Expenses:</B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund incurs direct and indirect expenses. Expenses directly attributable to the
Fund are charged to the Fund&#146;s operations, while expenses applicable to more
than one of the Royce Funds are allocated equitably. Certain personnel,
occupancy costs and other administrative expenses related to The Royce Funds
are allocated by Royce &amp; Associates, LLC (&#147;Royce&#148;) under an administration
agreement and are included in administrative and office facilities and
professional fees. The Fund has adopted a deferred fee agreement that allows
the Directors to defer the receipt of all or a portion of directors&#146; fees
otherwise payable. The deferred fees are invested in certain Royce Funds until
distributed in accordance with the agreement. </FONT></P>

<P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual Report to Stockholders | 33</FONT></P>

</div>
<br clear="all">

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color=#004a8d SIZE=4>&nbsp;&nbsp;&nbsp;<b>Notes to
 Financial Statements  (continued)</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<DIV STYLE="WIDTH:90%">

<P ALIGN=JUSTIFY><FONT color=#004a8d SIZE=2 face="Arial"><B>Compensating Balance Credits:</B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund has an arrangement with its custodian bank, whereby a portion of the
custodian's fee is paid indirectly by credits earned on the Fund's cash on
deposit with the bank. This deposit arrangement is an alternative to purchasing
overnight investments. Conversely, the Fund pays interest to the custodian on
any cash overdrafts, to the extent they are not offset by credits earned on
positive cash balances. </FONT></P>

<P ALIGN=JUSTIFY><FONT color=#004a8d SIZE=2 face="Arial"><B>Recent Accounting Pronouncements:</B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In
May 2011, the Financial Accounting Standards Board issued Accounting Standard
Update No. 2011-04, Fair Value Measurement (Topic 820) Amendments to Achieve
Common Fair Value Measurement and Disclosure Requirements in U.S. GAAP and
IFRSs (&#147;ASU No. 2011-04&#148;). ASU No. 2011-04 establishes common requirements for
measuring fair value and for disclosing information about fair value
measurements. ASU No. 2011-04 is effective during interim and annual periods beginning
after December 15, 2011. Management is currently evaluating the impact the
adoption of ASU No. 2011-04 will have on the Fund&#146;s financial statements and
related disclosures. </FONT></P>

<P ALIGN=JUSTIFY><FONT color=#004a8d SIZE=2 face="Arial"><B>Capital Stock: </B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund issued 2,076,969 and 71,215 shares of Common Stock as reinvestment of
distributions by Common Stockholders for the years ended December 31, 2011 and
2010, respectively.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At
December 31, 2011, 8,800,000 shares of 5.90% Cumulative Preferred Stock were
outstanding. The Fund, at its option, may redeem the Cumulative Preferred
Stock, in whole or in part, at the redemption price. The Cumulative Preferred
Stock is classified outside of permanent equity (net assets applicable to
Common Stockholders) in the accompanying financial statements in accordance
with accounting for redeemable equity instruments, that requires preferred
securities that are redeemable for cash or other assets to be classified
outside of permanent equity to the extent that the redemption is at a fixed or
determinable price and at the option of the holder or upon the occurrence of an
event that is not solely within the control of the issuer.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Fund is required to meet certain asset coverage tests with respect to the
Cumulative Preferred Stock as required by the 1940 Act. In addition, pursuant
to the Rating Agency Guidelines established by Moody&#146;s, the Fund is required to
maintain a certain discounted asset coverage. If the Fund fails to meet these
requirements and does not correct such failure, the Fund may be required to
redeem, in part or in full, the Cumulative Preferred Stock at a redemption
price of $25.00 per share, plus an amount equal to the accumulated and unpaid
dividends, whether or not declared on such shares, in order to meet these
requirements. Additionally, failure to meet the foregoing asset coverage
requirements could restrict the Fund's ability to pay dividends to Common
Stockholders and could lead to sales of portfolio securities at inopportune
times. The Fund has met these requirements since issuing the Cumulative
Preferred Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT color=#004a8d SIZE=2 face="Arial"><B>Investment Advisory Agreement: </B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As
compensation for its services under the Investment Advisory Agreement, Royce
receives a fee comprised of a Basic Fee (&#147;Basic Fee&#148;) and an adjustment to the
Basic Fee based on the investment performance of the Fund in relation to the
investment record of the S&amp;P SmallCap 600 Index (&#147;S&amp;P 600&#148;).<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
Basic Fee is a monthly fee equal to 1/12 of 1% (1% on an annualized basis) of
the average of the Fund&#146;s month-end net assets applicable to Common
Stockholders, plus the liquidation value of Preferred Stock, for the rolling
60-month period ending with such month (the &#147;performance period&#148;). The Basic
Fee for each month is increased or decreased at the rate of 1/12 of .05% for
each percentage point that the investment performance of the Fund exceeds, or
is exceeded by, the percentage change in the investment record of the S&amp;P
600 for the performance period by more than two percentage points. The
performance period for each such month is a rolling 60-month period ending with
such month. The maximum increase or decrease in the Basic Fee for any month may
not exceed 1/12 of .5%. Accordingly, for each month, the maximum monthly fee
rate as adjusted for performance is 1/12 of 1.5% and is payable if the
investment performance of the Fund exceeds the percentage change in the
investment record of the S&amp;P 600 by 12 or more percentage points for the
performance period, and the minimum monthly fee rate as adjusted for
performance is 1/12 of .5% and is payable if the percentage change in the
investment record of the S&amp;P 600 exceeds the investment performance of the
Fund by 12 or more percentage points for the performance period.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding
the foregoing, Royce is not entitled to receive any fee for any month when the
investment performance of the Fund for the rolling 36-month period ending with
such month is negative. In the event that the Fund&#146;s investment performance for
such a performance period is less than zero, Royce will not be required to
refund to the Fund any fee earned in respect of any prior performance period.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce
has voluntarily committed to waive the portion of its investment advisory fee
attributable to an issue of the Fund&#146;s Preferred Stock for any month in which
the Fund&#146;s average annual NAV total return since issuance of the Preferred
Stock fails to exceed the applicable Preferred Stock's dividend rate.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
the twelve rolling 60-month periods in 2011, the Fund&#146;s investment performance
ranged from 1% above to 15% below the investment performance of the S&amp;P
600. Accordingly, the net investment advisory fee consisted of a Basic Fee of
$10,992,211 and a net downward adjustment of $1,741,823 for the performance of
the Fund relative to that of the S&amp;P 600. The Fund paid no investment
advisory fee for the month of September 2011, because its investment
performance for the trailing 36-month period was negative. For the year ended
December 31, 2011, the Fund accrued and paid Royce investment advisory fees
totaling $9,250,388. </FONT></P>

<P><FONT face=arial color="#004a8d" SIZE=1>34 | 2011
Annual Report to Stockholders</FONT></P>
</div>
<br clear="all">
<br>


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>

<PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color=#004a8d SIZE=4>&nbsp;&nbsp;&nbsp;<b>Notes to
 Financial Statements  (continued)</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<DIV STYLE="WIDTH:90%">

<P><FONT color=#004a8d SIZE=2 face="Arial"><B>Purchases and Sales of Investment Securities:</B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year
ended December 31, 2011, the costs of purchases and proceeds from sales of
investment securities, other than short-term securities and collateral
received for securities loaned, amounted to $333,711,985 and $309,828,445,
respectively.</FONT></P>


<P style="margin-bottom:0;"><FONT color=#004a8d SIZE=2 face="Arial"><B>Distributions
to Stockholders:</B></FONT></P>

<table border=0 cellspacing=0 cellpadding=0 width="88%" style="margin-left:2%">
  <tr style="FONT-SIZE:1PX">
    <td width="24%" valign=TOP><p>&nbsp;</p></td>
    <td width="2%" valign=TOP><p>&nbsp;</p></td>
    <td width="1%" valign=TOP><p>&nbsp;</p></td>
    <td width="9%" valign=TOP><p align=CENTER>&nbsp;</p></td>
    <td width="2%" valign=TOP><p>&nbsp;</p></td>
    <td width="1%" valign=TOP><p>&nbsp;</p></td>
    <td width="9%" valign=TOP><p align=CENTER>&nbsp;</p></td>
    <td width="4%" valign=TOP><p>&nbsp;</p></td>
    <td width="24%" valign=TOP><p>&nbsp;</p></td>
    <td width="2%" valign=TOP><p>&nbsp;</p></td>
    <td width="1%" valign=TOP><p>&nbsp;</p></td>
    <td width="8%" valign=TOP><p align=CENTER>&nbsp;</p></td>
    <td width="2%" valign=TOP><p>&nbsp;</p></td>
    <td width="1%" valign=TOP><p>&nbsp;</p></td>
    <td width="9%" valign=TOP><p align=CENTER>&nbsp;</p></td>
  </tr>
  <tr>
    <td colspan=7 valign=TOP><p><font size=2 face="Arial">The
      tax character of distributions paid to common stockholders during 2011 and
      2010 was as follows:</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td colspan=7 valign=TOP><p><font size=2 face="Arial">The
      tax character of distributions paid to preferred stockholders during 2011 and
      2010 was as follows:</font></p></td>
  </tr>
  <TR STYLE="FONT-SIZE:1PX;">
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <td valign=TOP><p>&nbsp;</p></td>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
  </tr>
  <tr>
    <td valign=TOP><p><font size=2 face="Arial">Distributions paid from:</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p align=CENTER><font size=2 face="Arial"><u>2011</u></font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p align=CENTER><font size=2 face="Arial"><u>2010</u></font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=2 face="Arial">Distributions paid from:</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p align=CENTER><font size=2 face="Arial"><u>2011</u></font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p align=CENTER><font size=2 face="Arial"><u>2010</u></font></p></td>
  </tr>

  <tr>
    <td valign=TOP><p><font size=2 face="Arial">Ordinary income</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=2 face="Arial">$</font></p></td>
    <td valign=TOP><p align=RIGHT><font size=2 face="Arial">6,285,946</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=2 face="Arial">$</font></p></td>
    <td valign=TOP><p align=RIGHT><font size=2 face="Arial">1,980,699</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=2 face="Arial">Ordinary income</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=2 face="Arial">$</font></p></td>
    <td valign=TOP><p align=RIGHT><font size=2 face="Arial">2,412,205</font></p></td>
    <td valign=TOP><p align=RIGHT><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p align=RIGHT><font size=2 face="Arial">$</font></p></td>
    <td valign=TOP><p align=RIGHT><font size=2 face="Arial">12,980,000</font></p></td>
  </tr>
  <tr>
    <td valign=TOP><p><font size=2 face="Arial">Long-term capital gain</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p align=RIGHT><font size=2 face="Arial">27,538,533</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><P STYLE="text-align: right"><font size=2 face="Arial">&#150;</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP><p><font size=2 face="Arial">Long-term capital gain</font></p></td>
    <td valign=TOP><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p><font size=1>&nbsp;</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p align=RIGHT><font size=2 face="Arial">10,567,795</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p align=RIGHT><font size=1>&nbsp;</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p align=RIGHT><font size=1>&nbsp;</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><P STYLE="text-align: right"><font size=2 face="Arial">&#150;</font></p></td>
  </tr>
  <tr>
    <td valign=TOP><p><font face="arial" size=2>Return of capital</font></p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p align=RIGHT><font face="arial" size=2>18,288,444</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p>&nbsp;</p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p>&nbsp;</p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><P STYLE="text-align: right"><font face="arial" size=2>&#150;</font></p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p>&nbsp;</p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p>&nbsp;</p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p><font face="arial" size=2>$</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p align=RIGHT><font face="arial" size=2>12,980,000</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p align=RIGHT><font face="arial" size=2>$</font></p></td>
    <td valign=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><p align=RIGHT><font face="arial" size=2>12,980,000</font></p></td>
  </tr>
  <tr>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p><font face="arial" size=2>$</font></p></td>
    <td valign=TOP><p align=RIGHT><font face="arial" size=2>52,112,923</font></p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p><font face="arial" size=2>$</font></p></td>
    <td valign=TOP><p align=RIGHT><font face="arial" size=2>1,980,699</font></p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP style="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</td>
    <td valign=TOP style="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</td>
    <td valign=TOP style="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</td>
    <td valign=TOP style="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</td>
    <td valign=TOP style="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</td>
    <td valign=TOP style="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</td>
    <td valign=TOP style="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</td>
  </tr>
  <TR STYLE="FONT-SIZE:1PX;">
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
    <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
    <td valign=TOP><p>&nbsp;</p></td>
  </tr>
</table>

<P STYLE="MARGIN-TOP:0;MARGIN-BOTTOM:0; MARGIN-LEFT:2%;"><FONT SIZE=2 face="Arial">As of December 31, 2011, the tax basis
components of distributable earnings included in stockholders&#146; equity were as
follows:</FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0  width="53%" style="margin-left:2%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="82%" VALIGN=BOTTOM><P>&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 STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Net unrealized appreciation
 (depreciation)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 face="Arial">174,165,944</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Post October loss*</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(156,215</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Accrued preferred
 distributions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(288,449</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">173,721,280</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
</TABLE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">*</FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial">Under the current tax law,
 capital losses, foreign currency losses and losses realized on Passive
 Foreign Investment Companies after October 31 may be deferred and treated as
 occurring on the first day of the following fiscal year. As of December 31,
 2011, the Fund had $156,215 of post October currency losses. </FONT></P></TD>
 </TR>
</TABLE><br>
<DIV STYLE="WIDTH:90%" align="justify" STYLE="MARGIN-TOP:0;"><FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
difference between book and tax basis unrealized appreciation (depreciation) is
attributable primarily to the tax deferral on wash sales, partnership
investments and the unrealized gains on Passive Foreign Investment Companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For
financial reporting purposes, capital accounts and distributions to stockholders
are adjusted to reflect the tax character of permanent book/tax differences.
These differences are primarily due to differing treatments of income and gains
on various investment securities and foreign currency transactions held by the
Fund, timing differences and different characterization of distributions made
by the Fund. For the year ended December 31, 2011, the Fund recorded the
following permanent reclassifications. Results of operations and net assets
were not affected by these reclassifications.</FONT></div>


<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=216 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=36 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=216 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=36 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH=216 VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial">Undistributed
 Net</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial">Accumulated
 Net</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial">Paid-in</FONT></P></TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial"><U>Investment
 Income</U></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial"><U>Realized
 Gain (Loss)</U></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial"><U>Capital</U></FONT></P></TD>
 </TR>

 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial">$741,879</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial">$224,557</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT SIZE=2 face="Arial">$(966,436)</FONT></P></TD>
 </TR>

 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
</TABLE>

<div style="margin-right:10%" align="justify"><FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
has analyzed the Fund&#146;s tax positions taken on federal income tax returns for all
open tax years (2008-2011) and has concluded that as of December 31, 2011, no
provision for income tax is required in the Fund&#146;s financial statements. </FONT></div>

<P style="margin-right:10%" align="justify"><FONT color="#004a8d" SIZE=2 face="Arial"><B>Transactions in Affiliated Companies: </B></FONT><br>
<FONT SIZE=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An
&#147;Affiliated Company&#148; as defined in the Investment Company Act of 1940, is a
company in which a fund owns 5% or more of the company&#146;s outstanding voting
securities at any time during the period. The Fund effected the following
transactions in shares of such companies for the year ended December 31, 2011: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="12%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="2%" 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>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="6%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="6%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="6%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="11%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Affiliated
 Company</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Shares 12/31/10</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Market Value 12/31/10</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Cost of Purchases</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Cost of Sales</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Realized Gain (Loss)</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Dividend Income</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Shares 12/31/11</B></FONT></P></TD>
 <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 VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Arial"><B>Market Value 12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">Timberland Bancorp</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">469,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,731,348</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P STYLE="text-align: center"><FONT SIZE=2 face="Arial">&#151;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">305,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(205,752</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P STYLE="text-align: center"><FONT SIZE=2 face="Arial">&#151;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">444,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,710,170</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,731,348</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(205,752</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,710,170</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual Report to Stockholders | 35</FONT></P>

</div>
<br clear="all">

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P>


<PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce Value
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color=#004a8d SIZE=4>&nbsp;&nbsp;&nbsp;<b>Report of Independent Registered Public Accounting
 Firm</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
 <DIV STYLE="WIDTH:90%">


<P><FONT SIZE=2 face="Arial"><B>To the Board of Directors and Stockholders of <BR>
Royce Value Trust, Inc. <BR>
New York, New York </B></FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 face="Arial">We
have audited the accompanying statement of assets and liabilities of Royce
Value Trust, Inc., (&#147;Fund&#148;) including the schedule of investments, as of
December 31, 2011, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund&#146;s management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 face="Arial">We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Fund is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit includes examining, on a test basis, evidence supporting the amounts
and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2011, by correspondence
with the custodian and brokers or by other appropriate auditing procedures
where replies from brokers were not received. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion. </FONT></P>

<P ALIGN=JUSTIFY><FONT SIZE=2 face="Arial">In
our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Royce
Value Trust, Inc. at December 31, 2011, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in
the period then ended, in conformity with accounting principles generally
accepted in the United States of America. </FONT></P>
</DIV>
<br>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="56%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="43%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">TAIT, WELLER, &amp; BAKER
 LLP</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 face="Arial">Philadelphia, Pennsylvania <BR>
February 21, 2012 </FONT></P>

<P><FONT face=arial color="#004a8d" SIZE=1>36 | 2011
Annual Report to Stockholders</FONT></P>
</div>
<br clear="all">
<br>


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD VALIGN=TOP colspan="2">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD WIDTH="80%"><P><FONT color="#004a8d" SIZE=5><a style="text-decoration:none" name="rmct1"></a>Royce Micro-Cap Trust</FONT></P></TD>
 <TD ALIGN=RIGHT><P><FONT color="#004a8d" SIZE=4><a style="text-decoration:none" name="rmct11"></a>December 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD colspan="2" VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP colspan="2">
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP colspan="2">
 <P><FONT face=arial color=#004a8d SIZE=4>&nbsp;&nbsp;&nbsp;<b>Schedule of Investments</b></FONT></P></TD>
 </TR>
</TABLE>

<br>

<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left"> <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><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=CENTER><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial"><B>COMMON
 STOCKS &#150; 104.8%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial"><B>Consumer
 Discretionary &#150; 13.2%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Auto Components - 1.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">China XD Plastics </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">74,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">398,898</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Drew Industries </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">134,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,304,191</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Norstar Founders Group </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_2"><font size="2" face="Arial" color="#000000"><sup>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">771,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,258</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Williams Controls</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">50,388</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">557,291</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,296,638</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Distributors - 0.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Weyco Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">48,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,178,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Diversified Consumer
 Services - 0.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">ChinaCast Education </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">121,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">744,804</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Educational Services</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">224,360</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Spectrum Group International </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">6,925</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,412</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">985,576</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Hotels, Restaurants &amp;
 Leisure - 0.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Benihana </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">64,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">655,743</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Household Durables - 2.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cavco Industries </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,091</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">123,825</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CSS Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,243</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">403,241</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ethan Allen Interiors</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">81,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,934,736</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Flexsteel Industries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">172,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,387,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Koss Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">73,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">370,670</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Natuzzi ADR </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">409,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">926,148</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>
 Skullcandy </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">356,820</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Universal Electronics </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">39,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">661,304</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,164,144</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Internet &amp; Catalog
 Retail - 0.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Geeknet </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">93,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,594,175</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">NutriSystem</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">281,874</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">US Auto Parts Network </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">140,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">615,733</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,491,782</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Leisure Equipment &amp;
 Products - 0.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Leapfrog Enterprises Cl. A </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">121,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">678,626</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Sturm, Ruger &amp; Co.</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">428,288</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,106,914</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Media - 0.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Global Sources </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,119</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">218,827</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Rentrak Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">642,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">861,427</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color=#004a8d SIZE=2 face="Arial">Specialty Retail - 4.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>America&#146;s Car-Mart </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">92,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,635,904</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Charming Shoppes </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">747,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,664,220</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Dickson Concepts (International)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">382,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">198,707</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Le Chateau Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">73,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">118,395</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Lewis Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">565,937</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Shoe Carnival </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,652</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">453,656</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Stein Mart </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">178,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,218,309</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Systemax </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">112,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,837,920</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">West Marine </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">86,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,000,180</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Wet Seal (The) Cl. A </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">66,479</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">216,722</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,909,950</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color=#004a8d face="Arial">Textiles, Apparel &amp;
 Luxury Goods - 1.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> China
 Xiniya Fashion ADR </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color=#004a8d face="Arial"><B>Consumer
 Discretionary (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color=#004a8d face="Arial">Textiles, Apparel &amp;
 Luxury Goods (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">G-III Apparel Group </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">52,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,302,793</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">J.G. Boswell Company </font><a style="text-decoration:none" href="#p41_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,490</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,705,650</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">K-Swiss Cl. A </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">211,408</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Movado Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">77,633</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,410,591</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">True Religion Apparel </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">421,876</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,132,318</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color=#004a8d face="Arial"><B>Total </B></FONT><FONT SIZE=2  face="Arial">(Cost $28,509,406)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,782,892</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Consumer
 Staples &#150; 3.7%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Beverages - 0.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Heckmann Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,330,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Food &amp; Staples
 Retailing - 0.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Arden
 Group Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,440,160</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Food Products - 2.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Asian Citrus Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,060,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">552,751</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Binggrae</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">9,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">501,840</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BW Plantation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">744,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">92,009</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Farmer Bros.</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">316,296</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Griffin Land &amp; Nurseries</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">56,273</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,488,983</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Origin Agritech </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">121,488</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">286,712</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Seneca Foods Cl. A </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,327,148</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Seneca Foods Cl. B </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">42,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,106,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Waterloo
 Investment Holdings </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_2"><font size="2" face="Arial" color="#000000"><sup>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">806,207</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">112,708</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Westway Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,232,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,017,147</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Personal Products - 0.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Inter Parfums</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">26,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">410,784</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Schiff Nutrition International Cl. A </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">15,915</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">170,291</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">581,075</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total </B></FONT><FONT  SIZE=2 face="Arial">(Cost $9,059,968)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,368,382</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT color="#004a8d" SIZE=2 face="Arial"><B>Energy &#150;
 4.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Energy Equipment &amp;
 Services - 3.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CE Franklin </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,450</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">372,690</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Dawson Geophysical </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">53,213</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,103,510</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Global Geophysical Services </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">235,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Gulf Island Fabrication</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">29,116</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">850,478</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Lamprell</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">202,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">844,597</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">North American Energy Partners </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">322,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">OYO Geospace </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,130</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">551,363</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">139,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,639,657</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Pioneer Drilling </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">556,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">632,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Willbros Group </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">131,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">481,137</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,589,232</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Oil, Gas &amp; Consumable
 Fuels - 0.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Approach Resources </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">352,920</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Credo Petroleum </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">98,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,009,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Resource </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">125,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">487,896</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Uranerz
 Energy </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">29,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">52,780</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

</div>
<br clear="all">

</div>
<br clear="all">
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual Report
 to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>37</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN="LEFT" WIDTH="90%" SIZE=4><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce
 Micro-Cap Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color=#004a8d SIZE=4 style="margin-left:10px"><a style="text-decoration:none" name="sche"></a>&nbsp;&nbsp;&nbsp;<b>Schedule of Investments</b></FONT></P></TD>
 </TR>
</TABLE>
<br>

<P><FONT SIZE=1><B>&nbsp;</B></FONT></P>

<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Energy
 (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Oil, Gas &amp; Consumable
 Fuels (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">VAALCO Energy </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">109,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">658,964</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,561,960</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Total </B></FONT><FONT SIZE=2  face="Arial">(Cost $7,861,662)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,151,192</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Financials
 &#150; 19.6%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Capital Markets - 7.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ASA Gold and Precious Metals</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">785,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BKF Capital Group
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_3"><font size="2" face="Arial" color="#000000"><sup>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">130,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">144,522</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cohen &amp; Steers</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">27,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">806,310</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Diamond Hill Investment Group</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,479</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,550,756</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Duff &amp; Phelps Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">725,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Edelman Financial Group (The)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">209,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,373,130</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Epoch Holding Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">196,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,368,195</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">FBR &amp; Co. </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">215,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">440,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Fiera Sceptre</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">78,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">481,590</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">24,910</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">587,129</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">JZ Capital Partners</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">363,999</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,921,988</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MVC Capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">151,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,752,408</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">NGP Capital Resources</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">161,828</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,163,543</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Queen City Investments </font><a style="text-decoration:none" href="#p41_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">948</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">934,728</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">91,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">551,745</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Urbana Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">237,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">207,572</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Virtus Investment Partners </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,660,350</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Westwood Holdings Group</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">321,640</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">21,777,056</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Commercial Banks - 2.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BCB Holdings </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">806,207</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">338,051</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Chemung Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">908,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Fauquier Bankshares</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">135,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,473,430</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Financial Institutions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">581,040</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">First Bancorp</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">40,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">617,874</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">LCNB Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,638</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">357,975</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Orrstown Financial Services</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">18,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">152,625</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Peapack-Gladstone Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">124,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,331,760</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,760,755</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Diversified Financial
 Services - 0.7%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Banca Finnat Euramerica</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,310,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">488,125</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Bolsa Mexicana de Valores</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">475,539</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  GAIN
 Capital Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">167,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">940,506</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,071,670</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Insurance - 3.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hilltop Holdings </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">101,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">856,830</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Independence Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">95,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">778,854</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Presidential Life</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">241,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,408,589</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">SeaBright Holdings</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">191,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,461,150</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> State Auto
 Financial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">99,394</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,350,764</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> United
 Fire &amp; Casualty</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">83,603</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,687,109</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,543,296</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Real Estate Investment
 Trusts (REITs) - 1.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> BRT Realty
 Trust </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">232,328</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,472,959</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>


<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Financials
 (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Real Estate Investment
 Trusts (REITs) (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PennyMac Mortgage Investment Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,329,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,802,559</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Real Estate Management
 &amp; Development - 4.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Consolidated-Tomoka Land</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">62,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,698,642</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Forestar
 Group </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">151,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,284,630</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Kennedy-Wilson Holdings</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">465,358</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,923,488</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Tejon Ranch </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">110,162</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,696,766</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ZipRealty </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,631,776</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Thrifts &amp; Mortgage
 Finance - 0.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Alliance Bancorp, Inc. of Pennsylvania</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,344</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">444,861</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">BofI
Holding </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">91,262</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,483,008</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">HopFed Bancorp</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,222</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">371,943</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,299,812</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Total </B></FONT><FONT SIZE=2  face="Arial">(Cost $49,898,103)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">54,886,924</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Health
 Care &#150; 6.1%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Biotechnology - 0.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Acadia
Pharmaceuticals </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">498,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">537,840</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">3SBio ADR </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,980</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">357,496</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Vical </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">529,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,424,536</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Health Care Equipment &amp;
 Supplies - 4.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 Healthcare Products </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">226,798</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">771,113</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Atrion Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,557</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,815,418</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CryoLife </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">50,573</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">242,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">DynaVox Cl. A </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Exactech </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">132,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,175,687</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hansen Medical
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">87,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">224,460</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kensey Nash </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">39,378</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">755,664</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Medical Action Industries </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">125,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">655,058</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">STRATEC Biomedical</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">575,294</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Syneron Medical </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">69,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">766,044</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Theragenics Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">336,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">565,992</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Utah Medical Products</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">42,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,142,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Young Innovations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">61,450</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,820,764</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,583,144</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Health Care Providers &amp;
 Services - 0.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Gentiva Health Services </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">155,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PDI
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">65,383</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">421,720</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PharMerica Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">607,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Psychemedics Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">37,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">341,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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. Physical Therapy</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">196,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,722,220</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Health Care Technology -
 0.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Transcend Services </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">543,417</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Life Sciences Tools &amp;
 Services - 0.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Furiex Pharmaceuticals </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,758</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">396,996</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PAREXEL International </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">597,312</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">994,308</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Pharmaceuticals - 0.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Daewoong Pharmaceutical</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,261</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">308,654</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
</div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>38 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual Report to Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4>December 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<br>

<div style="height:500px; margin-right:10%">
  <table border="0" cellspacing="0" cellpadding="0" width="47%" align="left">
    <tr style="FONT-SIZE:1PX">
    <tr style="FONT-SIZE:1PX">
      <td width="66%" valign=BOTTOM><p>&nbsp;</p></td>
      <td width="3%" valign=BOTTOM><p>&nbsp;</p></td>
      <td width="1%" valign=BOTTOM><p>&nbsp;</p></td>
      <td width="12%" valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td width="3%" valign=BOTTOM><p>&nbsp;</p></td>
      <td width="1%" valign=BOTTOM><p>&nbsp;</p></td>
      <td width="12%" valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td width="1%" valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><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=CENTER><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font color="#004a8d" size=2 face="Arial"><b>Health
        Care (continued)</b></font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial">Pharmaceuticals (continued)</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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">XenoPort
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">102,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=2 face="Arial">$</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">388,620</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">697,274</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial"><b>Total </b></font><font size=2  face="Arial">(Cost $15,185,926)</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">16,964,899</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial"><b>Industrials
        &#150; 25.9%</b></font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial">Aerospace &amp; Defense -
        2.2%</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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">Astronics Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">7,717</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">276,346</font></p></td>
      <td valign=BOTTOM><p><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">Astronics Corporation Cl. B </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">911</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">33,023</font></p></td>
      <td valign=BOTTOM><p><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">CPI Aerostructures </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">41,900</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">492,325</font></p></td>
      <td valign=BOTTOM><p><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">Ducommun</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">72,100</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">919,275</font></p></td>
      <td valign=BOTTOM><p><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"><b>HEICO Corporation</b></font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">52,500</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">3,070,200</font></p></td>
      <td valign=BOTTOM><p><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">Innovative Solutions and Support </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">344,000</font></p></td>
      <td valign=BOTTOM><p><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">SIFCO Industries</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">45,800</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">913,252</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">6,048,421</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial">Air Freight &amp; Logistics
        - 0.6%</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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">Forward Air</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">50,700</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,624,935</font></p></td>
      <td valign=BOTTOM><p><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">Pacer International
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">35,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">187,250</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,812,185</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial">Building Products - 3.5%</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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">AAON</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">109,500</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">2,243,655</font></p></td>
      <td valign=BOTTOM><p><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">American Woodmark</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">72,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">983,520</font></p></td>
      <td valign=BOTTOM><p><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">Apogee Enterprises</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">57,900</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">709,854</font></p></td>
      <td valign=BOTTOM><p><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">Burnham Holdings Cl. A </font><a style="text-decoration:none" href="#p41_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">121,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,627,450</font></p></td>
      <td valign=BOTTOM><p><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">Griffon Corporation</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">89,500</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">817,135</font></p></td>
      <td valign=BOTTOM><p><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">Sung Kwang Bend</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">28,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">461,806</font></p></td>
      <td valign=BOTTOM><p><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">Trex Company </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">2,061,900</font></p></td>
      <td valign=BOTTOM><p><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><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">53,400</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">815,611</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">9,720,931</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial">Commercial Services &amp;
        Supplies - 2.8%</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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">CompX International Cl. A</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">107,500</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,583,475</font></p></td>
      <td valign=BOTTOM><p><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">Heritage-Crystal Clean </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">113,301</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,876,265</font></p></td>
      <td valign=BOTTOM><p><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">Interface Cl. A</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">27,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">311,580</font></p></td>
      <td valign=BOTTOM><p><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">Team </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">80,440</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">2,393,090</font></p></td>
      <td valign=BOTTOM><p><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">US Ecology</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">82,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,539,960</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">7,704,370</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial">Construction &amp;
        Engineering - 1.3%</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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">Comfort Systems USA</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">27,096</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">290,469</font></p></td>
      <td valign=BOTTOM><p><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">Integrated Electrical Services
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_5"><font size="2" face="Arial" color="#000000"><sup>5</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,122,500</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">2,155,200</font></p></td>
      <td valign=BOTTOM><p><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">MYR Group </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">28,500</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">545,490</font></p></td>
      <td valign=BOTTOM><p><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">Pike Electric </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">109,400</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">786,586</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">3,777,745</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial">Electrical Equipment - 2.2%</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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">AZZ</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">16,147</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">733,720</font></p></td>
      <td valign=BOTTOM><p><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">Deswell Industries</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">544,371</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,154,066</font></p></td>
      <td valign=BOTTOM><p><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">Encore Wire</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">388,500</font></p></td>
      <td valign=BOTTOM><p><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">Fushi Copperweld </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">62,463</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">469,722</font></p></td>
      <td valign=BOTTOM><p><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">Jinpan International</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">113,291</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">922,755</font></p></td>
      <td valign=BOTTOM><p><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">LSI Industries</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">79,812</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">478,872</font></p></td>
      <td valign=BOTTOM><p><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">Powell Industries </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">36,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">1,126,080</font></p></td>
      <td valign=BOTTOM><p><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">Preformed Line Products</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">16,000</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">954,560</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">6,228,275</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
    <tr>
      <td valign=BOTTOM><p><font size=2 color="#004a8d" face="Arial">Industrial Conglomerates -
        1.3%</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><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"><b>Raven Industries</b></font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">58,400</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
      <td valign=BOTTOM><p align=RIGHT><font size=2 face="Arial">3,614,960</font></p></td>
      <td valign=BOTTOM><p><font size=1>&nbsp;</font></p></td>
    </tr>
    <TR STYLE="FONT-SIZE:1PX;">
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM><p align=RIGHT>&nbsp;</p></td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM style="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</td>
      <td valign=BOTTOM><p>&nbsp;</p></td>
    </tr>
  </table>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Industrials
 (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Machinery - 5.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Armstrong Industrial</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,518,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">436,903</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cascade Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">405,662</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CIRCOR International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">494,340</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Columbus McKinnon </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">26,950</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">341,996</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Eastern Company (The)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">39,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">798,975</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">FAG Bearings India</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">468,578</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Foster (L.B.) Company Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">66,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,872,798</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">FreightCar America
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">50,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,051,690</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Graham Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">50,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,128,732</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hurco Companies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">53,866</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,131,186</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">NN </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">114,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">685,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PMFG </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">78,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,537,388</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">12,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">481,299</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Sun Hydraulics</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">88,387</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,070,907</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Tennant Company</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">92,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,587,701</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,493,955</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Professional Services -
 3.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Advisory Board (The) </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,072,294</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">CBIZ </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">287,170</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Exponent </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">58,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,684,648</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">GP Strategies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,385</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">557,870</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Heidrick &amp; Struggles International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">20,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">430,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">JobStreet Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">35,173</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Kforce </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">739,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">On Assignment </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">41,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">459,498</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,267,253</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Road &amp; Rail - 1.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Frozen Food Express Industries </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">157,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">202,530</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Patriot Transportation Holding </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">111,681</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,423,478</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Universal Truckload Services</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">134,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,435,730</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,061,738</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Trading Companies &amp;
 Distributors - 0.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Aceto Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,219</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">498,311</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Houston Wire &amp; Cable</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">67,375</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">931,122</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Lawson Products</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">50,269</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">775,651</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,205,084</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Transportation
 Infrastructure - 0.5%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Touax</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,326,089</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Total </B></FONT><FONT SIZE=2  face="Arial">(Cost $50,471,882)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,261,006</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Information
 Technology &#150; 19.2%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Communications Equipment -
 0.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Bel Fuse Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">67,705</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,423,159</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> ClearOne
 Communications </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">108,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cogo Group </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">93,735</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">168,723</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Oplink Communications </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">23,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">380,457</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PC-Tel</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">44,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">301,644</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,381,983</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial">Computers
 &amp; Peripherals - 1.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">Imation Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">112,312</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">643,548</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Rimage Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">79,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">891,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Super Micro
Computer </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">42,754</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">670,382</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

</div>
<br clear="all">

<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual Report
 to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| 39</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce
 Micro-Cap Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color=#004a8d SIZE=4 style="margin-left:10PX">&nbsp;&nbsp;&nbsp;<b>Schedule of Investments</b></FONT></P></TD>
 </TR>
</TABLE>
<br>

<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">


 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Information
 Technology (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 color="#004a8d" face="Arial">Computers &amp; Peripherals (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">TransAct Technologies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">78,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">570,636</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,775,566</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">Electronic Equipment, Instruments &amp; Components - 6.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Agilysys </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">715,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Diploma</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">263,777</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Domino Printing Sciences</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">636,109</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Frequency Electronics </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">265,036</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hana Microelectronics</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">763,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">457,494</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hollysys Automation Technologies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">248,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,066,688</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Inficon Holding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">852,550</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mercury Computer Systems </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">32,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">426,609</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Mesa Laboratories</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">48,267</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,000,184</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Multi-Fineline
Electronix </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">924,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Newport Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">80,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,101,049</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Park Electrochemical</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">14,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">363,804</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Pulse Electronics</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">420,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Research
Frontiers </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">30,150</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">101,907</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Richardson Electronics</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">250,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,083,561</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Rogers Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">58,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,152,624</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">TTM Technologies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">114,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,253,824</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">17,085,466</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">Internet Software &amp; Services - 1.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Bitauto
 Holdings ADR </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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">Marchex Cl. B</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">95,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">593,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">RealNetworks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">103,375</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">775,313</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Support.com </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">417,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">939,375</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">WebMediaBrands </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">525,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">238,875</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">World Energy
Solutions </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">72,920</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">220,218</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,967,531</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">IT Services - 4.2%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cass Information Systems</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">600,435</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Computer Task Group </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">131,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,845,888</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Forrester Research </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">54,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,863,306</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Innodata Isogen </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">383,832</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,512,298</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Sapient Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,410,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Tier
Technologies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">340,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,482,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Yucheng Technologies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">66,444</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">149,499</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,863,826</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">Semiconductors &amp; Semiconductor Equipment - 4.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Advanced Energy Industries </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">616,975</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Alpha
 &amp; Omega Semiconductor </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">202,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,479,544</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Amtech
 Systems </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">193,177</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>  Axcelis
 Technologies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">900,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,197,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Exar Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">371,708</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,416,102</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">GSI Technology </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">90,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">424,008</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Integrated Silicon Solution </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">98,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">903,032</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MoSys
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">400,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,680,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Photronics </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">173,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,056,704</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">PLX Technology </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">317,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">911,225</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Rudolph Technologies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">58,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">545,414</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,423,181</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">Software - 1.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">ACI Worldwide </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">69,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,993,344</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Actuate Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">139,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">817,470</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 color="#004a8d" face="Arial"><B>Information
 Technology (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Software (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">American Software Cl. A</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">66,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">628,425</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Convio </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">30,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">335,118</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Pegasystems</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">49,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,440,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">5,214,957</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>Total </B></FONT><FONT SIZE=2  face="Arial">(Cost $42,261,764)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">53,712,510</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 color="#004a8d" face="Arial"><B>Materials &#150; 8.2%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 color="#004a8d" face="Arial">Chemicals - 3.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Balchem Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">63,375</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,569,223</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Hawkins</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">29,697</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,094,631</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Landec Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">60,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">332,856</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Quaker Chemical</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">66,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,574,518</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Zoltek Companies </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">210,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,600,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,171,428</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">Construction Materials - 0.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Ash Grove Cement </font><a style="text-decoration:none" href="#p41_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,040,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Monarch Cement</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">52,303</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,176,817</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,216,817</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">Metals &amp; Mining - 3.7%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">AuRico Gold </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">91,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">730,912</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Aurizon Mines </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">47,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">231,710</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Central Steel &amp; Wire </font><a style="text-decoration:none" href="#p41_3"><font size="2" face="Arial" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,088</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">712,640</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">652,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,556,393</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 (Warrants) </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,356</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Exeter Resource </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">140,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">365,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Extorre Gold Mines </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">140,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,033,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Haynes International</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">551,460</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Horsehead Holding Corporation </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">51,688</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">465,709</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">MAG Silver </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">74,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">497,835</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Midway Gold
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">345,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">727,950</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Minefinders Corporation
</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">381,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">RTI International Metals </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">580,250</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">16,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">269,037</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Synalloy Corporation</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">58,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">597,714</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Universal Stainless &amp;
Alloy Products </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">39,899</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,490,627</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Vista
Gold </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">153,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">10,380,293</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">Paper &amp; Forest Products - 0.7%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Pope Resources L.P.</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">42,205</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,814,393</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:10.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" href="#p41_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Qunxing
 Paper Holdings </font><a style="text-decoration:none" href="#p41_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,500,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">198,929</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,013,322</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>Total </B></FONT><FONT SIZE=2  face="Arial">(Cost $17,352,605)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">22,781,860</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>Utilities &#150; 0.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 color="#004a8d" face="Arial">Independent Power Producers &amp; Energy Traders - 0.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">China Hydroelectric ADS </font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_4"><font size="2" face="Arial" color="#000000"><sup>4</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">73,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">83,334</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2  color="#004a8d" face="Arial"><B>Total </B></FONT><FONT SIZE=2  face="Arial">(Cost $554,098)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">83,334</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2  color="#004a8d" face="Arial"><B>Miscellaneous <a style="text-decoration:none" href="#p41_6"><SUP>6</a></SUP> &#150; 4.9%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM>&nbsp;</TD>
 <TD VALIGN=BOTTOM>&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>Total </B></FONT><FONT SIZE=2 face="Arial">(Cost $16,396,614)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">13,746,653</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
</TABLE>

</div>
<br clear="all">
<br>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="62%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>40 <FONT face=arial color="#004a8d" SIZE=1>| </FONT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual Report to Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
 FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>
<BR>
<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4>December 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
  <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT color="#004a8d" SIZE=2>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<br>

<div style="height:200px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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><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 color="#004a8d" face="Arial"><B>TOTAL COMMON STOCKS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 FACE="ARIAL" SIZE=2>(Cost $237,552,028)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX"><P><FONT FACE="ARIAL" SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX"><P><FONT FACE="ARIAL" SIZE=2>292,739,652</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 color="#004a8d" face="Arial"><B>PREFERRED STOCK &#150; 0.3%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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"><B>Seneca Foods Conv.</font><a style="text-decoration:none" href="#p41_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p41_3"><font size="2" face="Arial" color="#000000"><sup>3</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 $578,719)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,409</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">726,544</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>REPURCHASE AGREEMENT &#150; 17.2%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Fixed Income Clearing Corporation,<br>
 0.01% dated 12/30/11, due 1/3/12,<br>
 maturity value $48,006,053 (collateralized<br>by obligations of various U.S.
 Government<br>Agencies, 0.255% due 7/20/12, valued at<br>$49,206,431)<br>(Cost
 $48,006,000)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">48,006,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
</TABLE>


<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="82%" VALIGN=BOTTOM><P>&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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>COLLATERAL RECEIVED FOR SECURITIES<br>LOANED &#150; 1.6%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Money Market Funds</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Federated Government Obligations Fund<br>(7 day yield-0.0098%)<br>(Cost
 $4,501,603)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,501,603</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>TOTAL INVESTMENTS &#150; 123.9%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 $290,638,350)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">345,973,799</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 color="#004a8d" face="Arial"><B>LIABILITIES LESS CASH<br>AND OTHER ASSETS &#150; (2.4)%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(6,681,580</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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 color="#004a8d" face="Arial"><B>PREFERRED STOCK &#150; (21.5)%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(60,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>

<TR><TD>&nbsp;</TD></TR>

 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d"  face="Arial"><B>NET ASSETS APPLICABLE TO COMMON<br>STOCKHOLDERS &#150; 100.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial"><B>279,292,219</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
</TABLE>

</div>
<br clear="all">

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="2%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d  2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d  2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p41_p"><font size="2" face="Arial" color="#000000"></a><SUP>&#134;</SUP></FONT></P></TD></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial">New additions in 2011.</FONT></P></TD></TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p41_1"><font size="2" face="Arial" color="#000000"></a><SUP>1</SUP></FONT></P></TD></TD>
 <TD VALIGN=TOP><P><FONT SIZE=2 face="Arial">Non-income producing.</FONT></P></TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p41_2"><font size="2" face="Arial" color="#000000"></a><SUP>2 </SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial">Securities for which market quotations are
 not readily available represent 0.1% of net assets. These securities have
 been valued at their fair value under procedures approved by the Fund&#146;s Board
 of Directors. These securities are defined as Level 3 securities due to the
 use of significant unobservable inputs in the determination of fair value.
 See Notes to Financial Statements. </FONT></P></TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p41_3"><font size="2" face="Arial" color="#000000"></a><SUP>3 </SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial">These securities are defined as Level 2
 securities due to fair value being based on quoted prices for similar
 securities. See Notes to Financial Statements. </FONT></P></TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p41_4"><font size="2" face="Arial" color="#000000"></a><SUP>4 </SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial">All or a portion of these securities were on
 loan at December 31, 2011. Total market value of loaned securities at December
 31, 2011, was $4,277,889. </FONT></P></TD>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p41_5"><font size="2" face="Arial" color="#000000"></a><SUP>5</SUP></FONT></P></TD>
<TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial">At December 31, 2011, the Fund owned 5% or
 more of the Company&#146;s outstanding voting securities thereby making the
 Company an Affiliated Company as that term is defined in the Investment
 Company Act of 1940. See Notes to Financial Statements. </FONT></P></TD>
 </TR>
 </TR>
<TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Arial"></font><a style="text-decoration:none" name="p41_6"><font size="2" face="Arial" color="#000000"></a><SUP>6 </SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial">Includes securities first acquired in 2011
 and less than 1% of net assets applicable to Common Stockholders. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP ROWSPAN="3">
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial"><B>Bold
 indicates the Fund&#146;s 20 largest equity holdings in terms of December 31,
 2011, market value. </B></FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Arial"><B>TAX INFORMATION:
 </B>The cost of total
 investments for Federal income tax purposes was $293,852,685. At December 31,
 2011, net unrealized appreciation for all securities was $52,121,114,
 consisting of aggregate gross unrealized appreciation of $81,915,515 and
 aggregate gross unrealized depreciation of $29,794,401. The primary
 difference between book and tax basis cost is the timing of the recognition
 of losses on securities sold.</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d  2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d  2PX">&nbsp;</TD>
 </TR>
</TABLE>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011 Annual Report
 to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| 41</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="57%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce
 Micro-Cap Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4>December 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color=#004a8d SIZE=4>&nbsp;&nbsp;&nbsp;<b>Statement of Assets and
 Liabilities</b></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>



<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="82%" VALIGN=BOTTOM><P>&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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>ASSETS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investments at value (including collateral on loaned securities)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Non-Affiliated Companies (cost $240,510,125)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">295,812,599</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Affiliated Companies (cost $2,122,225)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,155,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total investments at value</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">297,967,799</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Repurchase agreements (at cost and value)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">48,006,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Cash and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">28,796</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Receivable for dividends and interest</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">449,459</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Prepaid expenses and other assets</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">34,752</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total Assets</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">346,486,806</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>LIABILITIES:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Payable for collateral on loaned securities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,501,603</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Payable for investments purchased</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">2,131,256</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Payable for investment advisory fee</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">367,163</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Preferred dividends accrued but not yet declared</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><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">Accrued expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">114,565</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total Liabilities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">7,194,587</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>PREFERRED STOCK:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">6.00% Cumulative Preferred Stock - $0.001 par value, $25 liquidation value
 per share; 2,400,000 shares outstanding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">60,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total Preferred Stock</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">60,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">279,292,219</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>ANALYSIS OF NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial"></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial"></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Common Stock paid-in capital - $0.001 par value per share; 28,333,207
 shares outstanding (150,000,000 shares authorized)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">227,260,177</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Undistributed net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1,994,992</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Accumulated net realized gain (loss) on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(1,226,946</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net unrealized appreciation (depreciation) on investments and foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">55,333,980</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Preferred dividends accrued but not yet declared</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial">Net Assets applicable to Common Stockholders (net asset value per share
 - $9.86)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">279,292,219</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM  STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</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">Investments at identified cost (including $4,501,603 of collateral on
 loaned securities)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">242,632,350</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Market value of loaned securities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,277,889</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>42 <FONT face=arial color="#004a8d" SIZE=1>| 2011 Annual Report to
 Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="40%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="60%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce
 Micro-Cap Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT color="#004a8d" SIZE=4>Year Ended December 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial color=#004a8d SIZE=4>&nbsp;&nbsp;&nbsp;<b>Statement of Operations</b></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<br>




<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="79%" VALIGN=BOTTOM><P>&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="14%" 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 STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>INVESTMENT INCOME:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Income:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Dividends<sup><a style="text-decoration:none" href="#p43_one">1</sup></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,397,965</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Interest</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">11,070</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Securities lending</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">119,548</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">4,528,583</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Expenses:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investment advisory fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,003,071</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Stockholder reports</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">117,998</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Custody and transfer agent fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">110,034</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Directors&#146; fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">60,829</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Professional fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">57,799</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Administrative and office facilities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">36,302</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Other expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">65,857</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Total expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,451,890</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
  <TR STYLE="FONT-SIZE:10pt" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM >&nbsp;</TD>
 <TD VALIGN=BOTTOM >&nbsp;</TD>
 <TD VALIGN=BOTTOM >&nbsp;</TD>
 <TD VALIGN=BOTTOM >&nbsp;</TD>
 <TD VALIGN=BOTTOM >
 <P>&nbsp;</P></TD>
 </TR>
<TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Fees waived by investment adviser</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(105,001</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">3,346,889</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">1,181,694</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
 AND FOREIGN CURRENCY:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Net realized gain (loss):</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investments in Non-Affiliated Companies</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">8,530,198</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investments in Affiliated Companies</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(2,621,497</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</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">Foreign currency transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(9,584</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net change in unrealized appreciation (depreciation):</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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">Investments and foreign currency translations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(28,537,374</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</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">Other assets and liabilities denominated in foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">45,929</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Arial">Net realized and unrealized gain (loss) on investments and foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(22,592,328</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT
 OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(21,410,634</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(3,600,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Arial"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS<br>FROM INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Arial">(25,010,634</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Arial">)</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT SIZE=2 face="Arial"><a style="text-decoration:none" name="p43_one"><SUP>1</SUP><font size="2" face="Arial" color="#000000"> Net of foreign withholding tax of $47,790.</FONT></P>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Annual Report to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| 43</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>







<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="63%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce
 Micro-Cap Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD colspan="2" VALIGN=TOP>
 <P><FONT face=times color=#004a8d SIZE=4>&nbsp;&nbsp;&nbsp;<b>Statement of Changes in Net Assets Applicable to
 Common Stockholders</b></FONT></P></TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="66%" VALIGN=BOTTOM><P>&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 bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>Year ended <br>12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>Year ended <br>12/31/10</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>INVESTMENT OPERATIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1,181,694</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2,194,992</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net realized gain (loss) on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">5,899,117</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">43,946,229</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net change in unrealized appreciation (depreciation) on investments
 and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(28,491,445</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">26,663,923</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Net increase (decrease) in net assets from investment operations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(21,410,634</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">72,805,144</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(660,851</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(2,832,980</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(2,939,149</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(767,020</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Total distributions to Preferred Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(3,600,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(3,600,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS<br>FROM INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(25,010,634</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">69,205,144</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(1,505,199</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(1,720,810</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(6,694,405</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(465,903</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(6,511,252</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">&#151;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Total distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(14,710,856</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(2,186,713</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;
</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Reinvestment of distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">7,734,894</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1,104,264</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Total capital stock transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">7,734,894</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1,104,264</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(31,986,596</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">68,122,695</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Beginning of year</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">311,278,815</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">243,156,120</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">End of year (including undistributed net investment income (loss) of
 $(1,994,992) at 12/31/11 and<br>$(1,685,821) at 12/31/10)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">279,292,219</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">311,278,815</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1>44 <FONT face=arial color="#004a8d" SIZE=1>| 2011 Annual Report to
 Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=5>Royce
 Micro-Cap Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" face="arial" SIZE=4>&nbsp;&nbsp;&nbsp;<b>Financial Highlights</b></FONT></P></TD>
 </TR>
</TABLE>
<br>


<P style="margin-right: 10%"><FONT SIZE=2 face="Times New Roman">This table is presented to
show selected data for a share of Common Stock outstanding throughout each
period, and to assist stockholders in evaluating the Fund&#146;s performance for the
periods presented. </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="44%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" 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>
 <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>
 <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>
 <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>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="7%" 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><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=14 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>Years ended December 31</B>,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>2011</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>2010</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>2009</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>2008</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>2007</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>NET ASSET VALUE, BEGINNING OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">11.34</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">8.90</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">6.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">13.48</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">14.77</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Times New Roman"><B>INVESTMENT OPERATIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.04</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</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="Times New Roman">Net realized and unrealized gain (loss) on investments and<br>foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.82</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2.58</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2.88</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(5.70</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.24</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Total investment operations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.78</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2.66</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2.88</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(5.68</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.24</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d"  face="Times New Roman"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.10</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.04</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</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="Times New Roman">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.11</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.13</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.14</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</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="Times New Roman">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Total distributions to Preferred Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.13</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.13</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.13</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.14</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO
<br>COMMON STOCKHOLDERS FROM INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.91</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2.53</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2.75</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(5.82</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.05</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.06</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</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="Times New Roman">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.24</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.83</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(1.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</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="Times New Roman">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.24</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.22</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=2 face="Times New Roman">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Total distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.53</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.22</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(1.19</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(1.35</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Effect of reinvestment of distributions by Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.04</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Total capital stock transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.04</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>NET ASSET VALUE, END OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">9.86</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">11.34</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">8.90</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">6.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">13.48</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>MARKET VALUE, END OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">8.77</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">9.80</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">7.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">5.62</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">11.94</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>TOTAL RETURN:</B></font><a style="text-decoration:none" href="#p45_1"><font size="2" face="Times New Roman" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Market Value</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(4.99</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">34.10</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">37.91</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(45.84</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(20.54</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Net Asset Value</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(7.69</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">28.50</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">46.47</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(45.45</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.64</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>RATIOS BASED ON AVERAGE NET ASSETS APPLICABLE TO
 COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Investment advisory fee expense</font> <a style="text-decoration:none" href="#p45_2"><font size="2" face="Times New Roman" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.97</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.97</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.38</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.44</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</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="Times New Roman">Other operating expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.21</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.12</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Total expenses (net)</font><a style="text-decoration:none" href="#p45_3"><font size="2" face="Times New Roman" color="#000000"><SUP>3</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.12</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.12</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.59</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.55</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.56</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Expenses prior to fee waivers and balance credits</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.17</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.74</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.58</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.56</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Expenses prior to fee waivers</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.17</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.74</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.58</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">1.56</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.40</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.84</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">0.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">(0.07</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">)%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>SUPPLEMENTAL DATA:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Net Assets Applicable to Common Stockholders, <br>End of Period (in
 thousands)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">279,292</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">311,279</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">243,156</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">169,854</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">331,476</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Liquidation Value of Preferred Stock, <br>End of Period (in thousands)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Portfolio Turnover Rate</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">30</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">30</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">42</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">41</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 color="#004a8d" face="Times New Roman"><B>PREFERRED STOCK:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Total shares outstanding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2,400,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2,400,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2,400,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2,400,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">2,400,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Asset coverage per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">141.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">154.70</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">126.32</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">95.77</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">163.11</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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="Times New Roman">Liquidation preference per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT SIZE=2 face="Times New Roman">Average month-end market value per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">25.41</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">25.11</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">23.47</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">23.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=2 face="Times New Roman">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=2 face="Times New Roman">24.06</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">
 <P>&nbsp;</P></TD>
 </TR>
</TABLE>

<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman"></font><a style="text-decoration:none" name="p45_1"><font size="2" face="Times New Roman" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Times New Roman">The Market Value Total
 Return is calculated assuming a purchase of Common Stock on the opening of
 the first business day and a sale on the closing of the last business day of
 each period. Dividends and distributions are assumed for the purposes of this
 calculation to be reinvested at prices obtained under the Fund&#146;s Distribution
 Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is
 calculated on the same basis, except that the Fund&#146;s net asset value is used
 on the purchase and sale dates instead of market value.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman"></font><a style="text-decoration:none" name="p45_2"><font size="2" face="Times New Roman" color="#000000"></a><SUP>2</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Times New Roman">The investment advisory fee
 is calculated based on average net assets over a rolling 36-month basis,
 while the above ratios of investment advisory fee expenses are based on the
 average net assets applicable to Common Stockholders over a 12-month basis.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman"></font><a style="text-decoration:none" name="p45_3"><font size="2" face="Times New Roman" color="#000000"></a><SUP>3</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT SIZE=2 face="Times New Roman">Expense ratios based on
 total average net assets including liquidation value of Preferred Stock were
 0.93%, 0.91%, 1.21%, 1.26% and 1.33% for the years ended December 31, 2011,
 2010, 2009, 2008 and 2007, respectively.</FONT></P></TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=1><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Annual Report to Stockholders <FONT face=arial color="#004a8d" SIZE=1>| 45</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<BR>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=times><FONT SIZE=5 color="#004a8d">Royce
 Micro-Cap Trust</FONT></font></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Notes to Financial Statements</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Summary of Significant Accounting Policies: </B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Royce Micro-Cap Trust, Inc. (the &#147;Fund&#148;), was
incorporated under the laws of the State of Maryland on September 9, 1993, as a
diversified closed-end investment company. The Fund commenced operations on
December 14, 1993.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of
financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of income and expenses during the
reporting period. Actual results could differ from those estimates.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Fund&#146;s
organizational documents, the officers and directors are indemnified against
certain liabilities that may arise out of the performance of their duties to
the Fund. Additionally, in the normal course of business, the Fund enters into
contracts with service providers that contain general indemnification clauses. </FONT></P>

<P ALIGN=JUSTIFY style="margin-bottom:0;"><FONT face=arial SIZE=2 color="#004a8d"><B>Valuation of Investments:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>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. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
  <TD WIDTH="5%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="92%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Level</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>1 &#150; quoted prices in active
 markets for identical securities.</FONT></P></TD>
 </TR>
 <TR>
  <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Level</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>2 &#150; 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. Level 2 securities with values based
 on quoted prices for similar securities are noted in the Schedule of
 Investments.</FONT></P></TD>
 </TR>
 <TR>
  <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2>Level</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>3 &#150; significant
 unobservable inputs (including the Fund&#146;s own assumptions in determining the
 fair value of investments). </FONT></P></TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY style="margin-top:0;"><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
following is a summary of the inputs used to value the Fund&#146;s investments as of
December 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="42%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Level 1</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Level 2</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Level 3</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Total</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=14 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Common Stocks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>261,670,632</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>30,721,125</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>347,895</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>292,739,652</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Preferred Stocks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>726,544</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>726,544</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Cash Equivalents</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>4,501,603</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>48,006,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>52,507,603</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=14 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Level 3 Reconciliation:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="14%" VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 ROWSPAN=3 VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Realized and</B><br>
<B>Unrealized</B><br>
<B>Gain (Loss)</font><a style="text-decoration:none" href="#page44"><font size="2" face="Times New Roman" color="#000000"><sup>1</a></sup></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Balance as of</B><br>
<B>12/31/10</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Purchases</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Transfers Out</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 ROWSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Balance as of</B><br>
<B>12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=2 color="#004a8d"><B>Sales</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=left><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT face=arial SIZE=2>Common Stocks</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>36,229</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>559,456</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>(247,790</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=2>$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face=arial SIZE=2>347,895</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=20 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2></font><a style="text-decoration:none" name="page44"><font size="2" face="Times New Roman" color="#000000"></a><SUP>1</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="justify"><FONT face=arial SIZE=2>The net change in
 unrealized appreciation (depreciation) is included in the accompanying
 Statement of Operations. Change in unrealized appreciation (depreciation)
 includes net unrealized appreciation (depreciation) resulting from changes in
 investment values during the reporting period and the reversal of previously
 recorded unrealized appreciation (depreciation) when gains or losses are
 realized. Net realized gain (loss) from investments and foreign currency transactions
 is included in the accompanying Statement of Operations.</FONT></P></TD>
 </TR>
</TABLE>

<P><FONT face=arial SIZE=1 color="#004a8d">46 | 2011
Annual Report to Stockholders</FONT></P>
</div>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce
 Micro-Cap Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Notes to
 Financial Statements (continued)</b></FONT></P></TD>
 </TR>
</TABLE>
<br>

<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Repurchase Agreements:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 face=arial SIZE=2 color="#004a8d"><B>Foreign Currency: </B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Net realized foreign exchange gains or losses
arise from sales and maturities of short-term securities, sales of foreign
currencies, expiration of currency forward contracts, currency gains or losses
realized between the trade and settlement dates on securities transactions, and
the difference between the amounts of dividends, interest, and foreign
withholding taxes recorded on the Fund&#146;s books and the U.S. dollar equivalent
of the amounts actually received or paid. Net unrealized foreign exchange gains
and losses arise from changes in the value of assets and liabilities, including
investments in securities at the end of the reporting period, as a result of
changes in foreign currency exchange rates.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Securities Lending:</B> </font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund loans securities through a lending agent 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. The Fund&#146;s
securities lending income consists of the income earned on investing cash collateral, plus any premium payments received for lending certain
securities, less any rebates paid to borrowers and lending agent fees associated with the loan. The lending agent is not affiliated with Royce.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Taxes:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>As a qualified regulated investment company
under Subchapter M of the Internal Revenue Code, the Fund is not subject to
income taxes to the extent that it distributes substantially all of its taxable
income for its fiscal year. The Schedule of Investments includes information
regarding income taxes under the caption &#147;Tax Information&#148;. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Distributions:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Commencing March 2011, the Fund pays quarterly
distributions on the Fund&#146;s Common Stock at the annual rate of 5% of the
rolling average of the prior four calendar quarter-end NAVs of the Fund&#146;s
Common Stock, with the fourth quarter distribution being the greater of 1.25%
of the rolling average or the distribution required by IRS regulations.
Distributions to Preferred Stockholders are accrued daily and paid quarterly
and distributions to Common Stockholders are recorded on ex-dividend date.
Distributable capital gains and/or net investment income are first allocated to
Preferred Stockholder distributions, with any excess allocable to Common
Stockholders. If capital gains and/or net investment income are allocated to
both Preferred and Common Stockholders, the tax character of such allocations
is proportional. To the extent that distributions are not paid from long-term
capital gains, net investment income or net short-term capital gains, they will
represent a return of capital. Distributions are determined in accordance with
income tax regulations that may differ from accounting principles generally
accepted in the United States of America. Permanent book and tax differences
relating to stockholder distributions will result in reclassifications within
the capital accounts. Undistributed net investment income may include temporary
book and tax basis differences, which will reverse in a subsequent period. Any
taxable income or gain remaining undistributed at fiscal year end is distributed
in the following year. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Investment Transactions and Related Investment Income:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Investment transactions are accounted for on
the trade date. Dividend income is recorded on the ex-dividend date. Non-cash
dividend income is recorded at the fair market value of the securities
received. Interest income is recorded on an accrual basis. Premium and
discounts on debt securities are amortized using the effective
yield-to-maturity method. Realized gains and losses from investment
transactions are determined on the basis of identified cost for book and tax
purposes.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Expenses:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The Fund incurs direct and indirect expenses.
Expenses directly attributable to the Fund are charged to the Fund&#146;s
operations, while expenses applicable to more than one of the Royce Funds are
allocated equitably. Certain personnel, occupancy costs and other
administrative expenses related to The Royce Funds are allocated by Royce &amp;
Associates, LLC (&#147;Royce&#148;) under an administration agreement and are included in
administrative and office facilities and professional fees. The Fund has
adopted a deferred fee agreement that allows the Directors to defer the receipt
of all or a portion of directors&#146; fees otherwise payable. The deferred fees are
invested in certain Royce Funds until distributed in accordance with the
agreement.</FONT></P>


<P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">2011
Annual Report to Stockholders | 47</FONT></P>

</div>
<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce
 Micro-Cap Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Notes to Financial Statements  (continued)</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Compensating Balance Credits:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund has an arrangement with its custodian
bank, whereby a portion of the custodian&#146;s fee is paid indirectly by credits
earned on the Fund&#146;s cash on deposit with the bank. This deposit arrangement is
an alternative to purchasing overnight investments. Conversely, the Fund pays
interest to the custodian on any cash overdrafts, to the extent they are not
offset by credits earned on positive cash balances. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Recent Accounting Pronouncements:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In May 2011, the Financial Accounting
Standards Board issued Accounting Standard Update No. 2011-04, Fair Value
Measurement (Topic 820) Amendments to Achieve Common Fair Value Measurement and
Disclosure Requirements in U.S. GAAP and IFRSs (&#147;ASU No. 2011-04&#148;). ASU No.
2011-04 establishes common requirements for measuring fair value and for
disclosing information about fair value measurements. ASU No. 2011-04 is
effective during interim and annual periods beginning after December 15, 2011.
Management is currently evaluating the impact the adoption of ASU No. 2011-04
will have on the Fund&#146;s financial statements and related disclosures. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Capital Stock:</B></font><BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The Fund issued 881,817 and 117,475 shares of
Common Stock as reinvestment of distributions by Common Stockholders for the
years ended December 31, 2011 and 2010, respectively.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31, 2011,
2,400,000 shares of 6.00% Cumulative Preferred Stock were outstanding. The
Fund, at its option, may redeem the Cumulative Preferred Stock, in whole or in
part, at the redemption price. The Cumulative Preferred Stock is classified
outside of permanent equity (net assets applicable to Common Stockholders) in
the accompanying financial statements in accordance with accounting for
redeemable equity instruments, that requires preferred securities that are
redeemable for cash or other assets to be classified outside of permanent
equity to the extent that the redemption is at a fixed or determinable price
and at the option of the holder or upon the occurrence of an event that is not
solely within the control of the issuer.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is
required to meet certain asset coverage tests with respect to the Cumulative
Preferred Stock as required by the 1940 Act. In addition, pursuant to the
Rating Agency Guidelines established by Moody&#146;s, the Fund is required to
maintain a certain discounted asset coverage. If the Fund fails to meet these
requirements and does not correct such failure, the Fund may be required to
redeem, in part or in full, the Cumulative Preferred Stock at a redemption
price of $25.00 per share, plus an amount equal to the accumulated and unpaid
dividends, whether or not declared on such shares, in order to meet these
requirements. Additionally, failure to meet the foregoing asset coverage
requirements could restrict the Fund&#146;s ability to pay dividends to Common
Stockholders and could lead to sales of portfolio securities at inopportune
times. The Fund has met these requirements since issuing the Cumulative
Preferred Stock.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Investment Advisory Agreement:</B></font> <BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As compensation for its services under the
Investment Advisory Agreement, Royce receives a fee comprised of a Basic Fee
(&#147;Basic Fee&#148;) and an adjustment to the Basic Fee based on the investment
performance of the Fund in relation to the investment record of the Russell
2000.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Basic Fee is a
monthly fee equal to 1/12 of 1% (1% on an annualized basis) of the average of
the Fund&#146;s month-end net assets applicable to Common Stockholders, plus the
liquidation value of Preferred Stock, for the rolling 36-month period ending
with such month (the &#147;performance period&#148;). The Basic Fee for each month is
increased or decreased at the rate of 1/12 of .05% for each percentage point
that the investment performance of the Fund exceeds, or is exceeded by, the
percentage change in the investment record of the Russell 2000 for the performance
period by more than two percentage points. The performance period for each such
month is a rolling 36-month period ending with such month. The maximum increase
or decrease in the Basic Fee for any month may not exceed 1/12 of .5%.
Accordingly, for each month, the maximum monthly fee rate as adjusted for
performance is 1/12 of 1.5% and is payable if the investment performance of the
Fund exceeds the percentage change in the investment record of the Russell 2000
by 12 or more percentage points for the performance period, and the minimum
monthly fee rate as adjusted for performance is 1/12 of .5% and is payable if
the percentage change in the investment record of the Russell 2000 exceeds the
investment performance of the Fund by 12 or more percentage points for the
performance period.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce has
voluntarily committed to waive the portion of its investment advisory fee
attributable to an issue of the Fund&#146;s Preferred Stock for any month in which
the Fund&#146;s average annual NAV total return since issuance of the Preferred
Stock fails to exceed the applicable Preferred Stock&#146;s dividend rate.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the twelve
rolling 36-month periods in 2011, the Fund&#146;s investment performance ranged from
19% above to 10% below the investment performance of the Russell 2000.
Accordingly, the net investment advisory fee consisted of a Basic Fee of
$3,058,000 and a net downward adjustment of $54,929 for the performance of the
Fund relative to that of the Russell 2000. Additionally, Royce voluntarily
waived a portion of its investment advisory fee ($105,001) attributable to
issues of the Fund&#146;s Preferred Stock for those months in which the Fund&#146;s
average annual NAV total return failed to exceed the applicable Preferred
Stock&#146;s dividend rate. For the year ended December 31, 2011, the Fund accrued
and paid Royce investment advisory fees totaling $2,898,070. </FONT></P>


<P><FONT face=arial SIZE=1 color="#004a8d">48 | 2011
Annual Report to Stockholders</FONT></P>

</div>
<br>


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce
 Micro-Cap Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Notes to
 Financial Statements  (continued)</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Purchases and Sales of Investment Securities:</B></font> <BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>For the year ended December 31, 2011, the
costs of purchases and proceeds from sales of investment securities, other than
short-term securities and collateral received for securities loaned, amounted
to $92,774,361 and $92,061,192, respectively. </FONT></P>
<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Distributions to
Stockholders:</B></FONT></P>

<div style="margin-left: 3%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
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 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="9%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="18%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
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 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=BOTTOM><P align="justify"><FONT size=2 face="Arial">The tax character of distributions paid to common stockholders during
 2011 and 2010 was as follows:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=8 VALIGN=BOTTOM><P align="justify"><FONT size=2 face="Arial">The tax character of distributions paid to preferred stockholders
 during 2011 and 2010 was as follows:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP>&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Distributions paid from:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=center><FONT size=2 face="Arial"><u>2011</u></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=center><FONT size=2 face="Arial"><u>2010</u></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT size=2 face="Arial">Distributions paid from:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=center><FONT size=2 face="Arial"><u>2011</u></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=center><FONT size=2 face="Arial"><u>2010</u></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Ordinary income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,505,199</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,720,810</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT size=2 face="Arial">Ordinary income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">660,851</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,832,980</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Long-term capital gain</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">6,694,405</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">465,903</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P><FONT size=2 face="Arial">Long-term capital gain</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,939,149</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">767,020</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">6,511,252</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=left><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,600,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,600,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">14,710,856</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,186,713</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>


<BR>
<DIV ALIGN=JUSTIFY><FONT face=arial SIZE=2>As of December 31, 2011, tax basis components
of distributable earnings included in stockholders&#146; equity were as follows:</FONT></DIV>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="23%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP>&nbsp;</TD>
 <TD VALIGN=TOP>&nbsp;</TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net unrealized appreciation (depreciation)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">52,119,436</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Post October loss<a style="text-decoration:none" href="#p49_1">*</a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(7,394)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Accrued preferred distributions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(80,000)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 1PX">&nbsp;</TD>
 <TD VALIGN=TOP>&nbsp;</TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">52,032,042</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP>&nbsp;</TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
</div>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX;">
 <TD WIDTH="3%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="97%" VALIGN=TOP><P><FONT  face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P align="right"><FONT size=2 face="Arial"><a style="text-decoration:none" name="p49_1"></a>*&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">Under the current tax law, capital losses, foreign currency losses
 and losses realized on Passive Foreign Investment Companies after October 31 may be deferred and treated as occurring on the first
 day of the following fiscal year. As of December 31, 2011, the Fund had $7,394 of post October currency losses. </FONT></P></TD>
 </TR>
</TABLE><BR>
<DIV STYLE="text-align: justify"><FONT face="Arial" SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
difference between book and tax basis unrealized appreciation (depreciation) is
attributable primarily to the tax deferral on wash sales, partnership
investments and the unrealized gains on Passive Foreign Investment Companies.<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For financial reporting purposes, capital accounts and distributions to stockholders are adjusted to reflect the tax character of permanent book/tax differences. These differences are primarily due to differing treatments of income and gains on various investment securities and foreign currency transactions held by the Fund, timing differences and different characterization of distributions made by the Fund. For the year ended December 31, 2011, the Fund recorded the following permanent reclassifications. Results of operations and net assets were not affected by these reclassifications.</FONT></DIV>
<DIV STYLE="MARGIN-LEFT: 16PT">
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="98%">
 <TR STYLE="FONT-SIZE:2PX">
 <TD WIDTH=248 VALIGN=TOP><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH=278 VALIGN=TOP><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH=194 VALIGN=TOP><P ALIGN=CENTER><FONT  face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial">Undistributed Net</FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial">Accumulated Net</FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial">Paid-in</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial"><u>Investment Income</u></FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial"><u>Realized Gain (Loss)</u></FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial"><u>Capital</u></FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP align=center><FONT size=2 face="Arial">$675,185</FONT></TD>
 <TD VALIGN=TOP align=center><FONT size=2 face="Arial">$(362,442)</FONT></TD>
 <TD VALIGN=TOP align=center><FONT size=2 face="Arial">$(312,743)</FONT></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
</TABLE>
</DIV>
<p align="justify"><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
has analyzed the Fund&#146;s tax positions taken on federal income tax returns for all
open tax years (2008-2011) and has concluded that as of December 31, 2011, no
provision for income tax is required in the Fund&#146;s financial statements. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Transactions in Affiliated Companies:</B></font> <BR><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An &#147;Affiliated Company&#148; as defined in the Investment Company Act of 1940, is a company in
which a fund owns 5% or more of the company&#146;s outstanding voting securities at
any time during the period. The Fund effected the following transactions in
shares of such companies for the year ended December 31, 2011: </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="19%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="5%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="6%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="6%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR BGCOLOR=#dbe1ef>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Shares</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial" size=2 color="#004a8d"><B>Market Value</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Cost of</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Cost of</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Realized</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Dividend</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Shares</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Market Value</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR BGCOLOR=#dbe1ef>

 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>Affiliated Company</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>12/31/10</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>12/31/10</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Purchases</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Sales</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Gain (Loss)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>&nbsp;</B></FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Income</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Integrated Electrical Services</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">277,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">967,777</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,650,870</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,672,127</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(2,621,497</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><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><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=2 VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,122,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,155,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">967,777</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#d6dfef VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(2,621,497</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD BGCOLOR=#d6dfef VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,155,200</FONT></P></TD>
 <TD BGCOLOR=#dbe1ef VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>


<P align="right"><FONT face=arial SIZE=1 color="#004a8d">2011 Annual Report to Stockholders | 49</FONT></P>
<br>


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce
 Micro-Cap Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Report of Independent Registered Public Accounting
 Firm</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>To the Board of Directors and Stockholders of <BR>
Royce Micro-Cap Trust, Inc. <BR>
New York, New York </B></font></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>We have audited the accompanying statement of assets and liabilities of Royce Micro-Cap Trust, Inc., (&#147;Fund&#148;) including the schedule of investments, as of December 31, 2011, and the related statement of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund&#146;s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
</FONT></P>


<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>
<FONT SIZE=2>We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Fund is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2011, by correspondence
with the custodian and brokers or by other appropriate auditing procedures
where replies from brokers were not received. An audit also includes assessing
the accounting principles used and significant estimates made by management, as
well as evaluating the overall financial statement presentation. We believe
that our audits provide a reasonable basis for our opinion. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>
In
our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Royce
Micro-Cap Trust, Inc. at December 31, 2011, the results of its operations for
the year then ended, the changes in its net assets for each of the two years in
the period then ended and the financial highlights for each of the five years
in the period then ended, in conformity with accounting principles generally
accepted in the United States of America.</FONT></P>



<P ALIGN=CENTER><FONT size=2 face="Arial">TAIT, WELLER, &amp; BAKER LLP</FONT></P>
<P><FONT size=2 face="Arial">Philadelphia, Pennsylvania <BR>
February 21, 2012</FONT> </FONT></P>
<p align="justify"></FONT></P>

<P><FONT face=arial SIZE=1 color="#004a8d">50 | 2011
Annual Report to Stockholders</FONT></P>
</div>
<br>
<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d"><a style="text-decoration:none" name="rft1"></a>Royce Focus
 Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=5 color="#004a8d">December
 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Schedule
 of Investments</b></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<br>
<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left">
<TR STYLE="FONT-SIZE:1PX">
<TD WIDTH="67%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial><B>SHARES</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial><B>VALUE</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>COMMON STOCKS &#150; 102.6%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Consumer Discretionary &#150; 7.4%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Automobiles - 1.6%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&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><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">85,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,331,550</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>







 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Specialty Retail - 5.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&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"><B>Buckle
 (The)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">120,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,904,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&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"><B>GameStop
 Corporation Cl. A </font><a style="text-decoration:none" href="#p52_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><sup>2</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">160,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,860,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">8,765,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial" color="#004a8d"><B>Total</B></FONT> <FONT size=2 face="Arial">(Cost $10,016,646)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">11,096,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Consumer Staples &#150; 6.8%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Food Products - 4.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">70,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,559,900</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">90,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,716,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Sanderson
 Farms</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,007,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">7,284,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Personal Products - 2.0%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,914,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial" color="#004a8d"><B>Total</B></FONT> <FONT size=2 face="Arial">(Cost $7,238,888)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">10,198,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><FONT size=2 face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><FONT size=2 face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><FONT size=2 face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><FONT size=2 face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><FONT size=2 face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 <TD VALIGN=BOTTOM STYLE="BORDER-top:SOLID BLACK 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Energy &#150; 13.4%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Energy Equipment &amp; Services - 10.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Ensco
 ADR</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">75,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,519,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">50,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,918,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,766,871</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">100,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,264,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Trican
 Well Service</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">220,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,789,939</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">50,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,320,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">15,577,810</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Oil, Gas &amp; Consumable Fuels - 3.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Exxon
 Mobil</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">55,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,661,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial" color="#004a8d"><B>Total</B></FONT> <FONT size=2 face="Arial">(Cost $15,452,863)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">20,239,610</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Financials &#150; 19.8%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Capital Markets - 13.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT size=2 face="Arial"><B><a style="text-decoration:none" href="#p52_p"><SUP>&#134;</SUP></a> Affiliated Managers Group <a style="text-decoration:none" href="#p52_2"><SUP>2</SUP></a></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">33,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,223,920</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Ashmore
 Group</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">600,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,112,212</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Franklin
 Resources</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">50,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,803,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">65,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,532,050</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,773,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">10,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,744,916</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">400,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,273,374</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,900,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,504,700</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">20,967,172</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Insurance - 3.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Berkshire
 Hathaway Cl. B </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">75,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">5,722,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Real Estate Management &amp; Development - 2.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Kennedy-Wilson
 Holdings</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">300,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,174,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial" color="#004a8d"><B>Total</B></FONT> <FONT size=2 face="Arial">(Cost $28,013,687)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">29,863,672</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
</TABLE>

<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial"><B>SHARES</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial"><B>VALUE</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Health Care &#150; 1.3%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Biotechnology - 1.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">Myriad
 Genetics </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">95,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,989,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial" color="#004a8d"><B>Total</B></FONT> <FONT size=2 face="Arial">(Cost $2,231,094)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,989,300</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Industrials &#150; 8.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Building Products - 1.1%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">50,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,683,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Construction &amp; Engineering - 1.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">50,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,029,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Electrical Equipment - 0.9%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">100,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,365,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Machinery - 3.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,347,200</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">5,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">437,586</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,310,237</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">5,095,023</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Road &amp; Rail - 1.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">90,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,953,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial" color="#004a8d"><B>Total</B></FONT> <FONT size=2 face="Arial">(Cost $9,211,271)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">12,125,023</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Information Technology &#150; 16.8%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Computers &amp; Peripherals - 6.7%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT size=2 face="Arial"></font><a style="text-decoration:none" href="#p52_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Apple
 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">6,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,430,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT size=2 face="Arial"></font><a style="text-decoration:none" href="#p52_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> SanDisk
 Corporation </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,952,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT FACE="Arial" size=2  ><B>Western
 Digital </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,642,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">10,025,100</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Semiconductors &amp; Semiconductor Equipment - 6.7%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Analog
 Devices</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">142,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">5,080,760</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>MKS
 Instruments</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">130,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,616,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT size=2 face="Arial"></font><a style="text-decoration:none" href="#p52_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Veeco
 Instruments </font><a style="text-decoration:none" href="#p52_1"><font size="2" face="Arial" color="#000000"><SUP>1,</sup></font></a><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><sup>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">70,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,456,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">10,153,360</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Software - 3.4%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Microsoft
 Corporation</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">200,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">5,192,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial" color="#004a8d"><B>Total</B></FONT> <FONT size=2 face="Arial">(Cost $24,302,828)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25,370,460</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Materials &#150; 29.1%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Chemicals - 6.3%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT size=2 face="Arial"></font><a style="text-decoration:none" href="#p52_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> LSB
 Industries </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">100,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,803,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Mosaic
 Company (The)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">85,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,286,550</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT size=2 face="Arial"></font><a style="text-decoration:none" href="#p52_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Westlake
 Chemical</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">60,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,414,400</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">9,503,950</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Metals &amp; Mining - 22.8%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">120,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,067,239</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Allied
 Nevada Gold </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">160,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,844,800</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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
 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,200,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,548,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">450,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,073,374</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">70,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,660,002</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-17.3PT'><FONT size=2 face="Arial"></font><a style="text-decoration:none" href="#p52_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP> Globe
 Specialty Metals</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,008,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">180,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,745,718</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial"><B></font><a style="text-decoration:none" href="#p52_p"><font size="2" face="Arial" color="#000000"><SUP>&#134;</a></SUP>Newmont Mining</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">75,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,500,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">50,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,978,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">118,500</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,584,485</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Reliance
 Steel &amp; Aluminum</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">75,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,651,750</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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"><B>Schnitzer
 Steel Industries Cl. A</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">75,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3,171,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
</TABLE>
</div>
<br clear="all">
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="65%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d"><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">2011
 Annual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>51</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="49%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="50%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce Focus
 Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P align="right"><FONT SIZE=4 color="#004a8d">December
 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Schedule
 of Investments</b></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<br>
<div style="height:500px; margin-right:10%">
<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="left"><FONT size=2 face=Arial>
<TR STYLE="FONT-SIZE:1PX"></FONT><TD WIDTH="68%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="11%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="11%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial"><B>SHARES</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial"><B>VALUE</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Materials (continued)</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial">Metals &amp; Mining (continued)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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 </font><a style="text-decoration:none" href="#p52_2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">160,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,577,600</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">34,411,718</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>Total</B></font> <FONT SIZE=2 face="Arial">(Cost $39,631,147)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">43,915,668</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>TOTAL COMMON STOCKS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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
 $136,098,424)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">154,798,683</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>REPURCHASE AGREEMENT &#150; 14.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Fixed Income Clearing Corporation,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">0.01%
 dated 12/30/11, due 1/3/12,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">maturity
 value $21,045,023 (collateralized</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">by
 obligations of various U.S. Government</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">Agencies,
 4.25% due 9/30/12, valued at</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">$21,575,866)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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
 $21,045,000)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">21,045,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
</TABLE>


<TABLE BORDER="0" CELLSPACING="0" CELLPADDING="0" WIDTH="47%" align="right">

 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM><P><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face=Arial>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial"><B>VALUE</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>COLLATERAL RECEIVED FOR SECURITIES</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="Arial" size=2  color="#004a8d"><B>LOANED
 &#150; 1.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Money Market Funds</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">Federated
 Government Obligations Fund</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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">(7
 day yield-0.0098%)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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
 $1,496,950)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,496,950</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>TOTAL INVESTMENTS &#150; 117.6%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</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
 $158,640,374)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">177,340,633</FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>LIABILITIES LESS CASH</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="Arial" size=2  color="#004a8d"><B>AND
 OTHER ASSETS &#150; (1.0)%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(1,484,714</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>PREFERRED STOCK &#150; (16.6)%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(25,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID BLACK 1PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT color="#004a8d" SIZE=2 face="Arial"><B>NET ASSETS APPLICABLE TO COMMON</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>

 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="Arial" size=2  color="#004a8d"><B>STOCKHOLDERS
 &#150; 100.0%</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial"><B>$</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial"><B>150,855,919</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'>&nbsp;</P></TD>
 <TD VALIGN=BOTTOM><P>&nbsp;</P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:solid BLACK 2PX"><FONT face=Arial>&nbsp;</FONT></TD>
 </TR>
</TABLE>
<br clear="all">
</div>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2></font><a style="text-decoration:none" name="p52_p"><font size="2" face="Arial" color="#000000"></a><SUP>&#134;</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align="left"><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>New
 additions in 2011.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2></font><a style="text-decoration:none" name="p52_1"><font size="2" face="Arial" color="#000000"></a><SUP>1</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>All or a portion of these
 securities were on loan at December 31, 2011. Total market value of loaned
 securities at December 31, 2011, was $1,448,196.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2></font><a style="text-decoration:none" name="p52_2"><font size="2" face="Arial" color="#000000"></a><SUP>2</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><FONT SIZE=2>Non-income producing.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>Bold
 indicates the Fund&#146;s 20 largest equity holdings in terms of December 31,
 2011, market value.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>TAX INFORMATION: </B>The
 cost of total investments for Federal income tax purposes was $157,980,495.
 At December 31, 2011, net unrealized appreciation for all securities was
 $19,360,138, consisting of aggregate gross unrealized appreciation of
 $30,289,524 and aggregate gross unrealized depreciation of $10,929,386. The primary difference between book and tax
 basis cost is the recognition of investments in publicly traded partnerships.</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=3 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">52 <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>2011 Annual Report to
 Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d"><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="57%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="42%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce Focus
 Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=4 color="#004a8d">December 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Statement
 of Assets and Liabilities</b></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>ASSETS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Total investments at value (including collateral on loaned securities)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">156,295,633</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Repurchase agreements (at cost and value)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">21,045,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Cash and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">129,233</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Receivable for dividends and interest</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">121,805</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Prepaid expenses and other assets</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">22,276</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM> <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Total
 Assets</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">177,613,947</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>LIABILITIES:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Payable for collateral on loaned securities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,496,950</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Payable for investment advisory fee</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,817</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Preferred dividends accrued but not yet declared</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">33,323</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Accrued expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">76,938</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM> <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Total
 Liabilities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,758,028</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>PREFERRED STOCK:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">6.00% Cumulative Preferred Stock - $0.001 par value, $25 liquidation
 value per share; 1,000,000 shares outstanding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM> <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Total
 Preferred Stock</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><p><FONT FACE="Arial" size=2  color="#004a8d"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,855,919</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>ANALYSIS OF NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Common Stock paid-in capital - $0.001 par value per share; 20,494,452
 shares outstanding (150,000,000 shares authorized)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">131,533,173</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Undistributed net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(156,651</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Accumulated net realized gain (loss) on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">814,498</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net unrealized appreciation (depreciation) on investments and foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">18,698,232</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Preferred dividends accrued but not yet declared</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(33,333</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM> <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Net
 Assets applicable to Common Stockholders (net asset value per share - $7.36)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,855,919</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM> <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Investments
 at identified cost (including $1,496,950 of collateral on loaned securities)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">137,595,374</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Market
 value of loaned securities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,448,196</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<br><TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d"><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">2011
 Annual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>53</FONT></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="37%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="62%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce Focus
 Trust</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT SIZE=4 color="#004a8d">Year
 Ended December 31, 2011</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=2 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Statement
 of Operations</b></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<BR>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="83%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>INVESTMENT INCOME:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Income:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Dividends</font><a style="text-decoration:none" href="#rmct-page50"><font size="2" face="Arial" color="#000000"><SUP>1</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,587,495</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Interest</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4,786</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Securities
 lending</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">98,504</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Total income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,690,785</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Expenses:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Investment
 advisory fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,937,808</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Stockholder
 reports</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">74,011</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Custody
 and transfer agent fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">62,105</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Professional
 fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">43,182</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Directors&#146;
 fees</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">36,450</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Administrative
 and office facilities</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">19,514</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Other
 expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">67,764</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Total expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,240,834</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">449,951</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
 AND FOREIGN CURRENCY:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net realized gain (loss):</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Investments</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">7,976,035</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Foreign
 currency transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(14,428</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net change in unrealized appreciation (depreciation):</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Investments
 and foreign currency translations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(25,246,983</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</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">Other
 assets and liabilities denominated in foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(4,680</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net realized and unrealized gain (loss) on investments and foreign
 currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(17,290,056</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS FROM INVESTMENT
 OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(16,840,105</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"  bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(1,500,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"  bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE
 TO COMMON STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM> <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE="Arial" size=2  color="#004a8d"><B>FROM
 INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(18,340,105</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>

</TABLE>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="41%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="58%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=2></font><a style="text-decoration:none" name="rmct-page50"><font size="2" face="Arial" color="#000000"></a><SUP>1</SUP> Net of foreign withholding
 tax of $119,271.</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">54 <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>2011 Annual Report to
 Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d"><B>THE
 ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce Focus
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Statement
 of Changes in Net Assets Applicable to Common Stockholders</b></FONT></P></TD>
 </TR>
</TABLE>

<BR>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="67%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="3%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="12%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Year ended</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Year ended</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>12/31/11</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>12/31/10</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>INVESTMENT OPERATIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">449,951</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(214,447</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net realized gain (loss) on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">7,961,607</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">13,893,721</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net change in unrealized appreciation (depreciation) on investments
 and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(25,251,663</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">18,614,471</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net increase (decrease) in net assets from investment operations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(16,840,105</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">32,293,745</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>

 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(941,621</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(1,500,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(558,379</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Total distributions to Preferred Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(1,500,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(1,500,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"  bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE
 TO COMMON STOCKHOLDERS </B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN; MARGIN-LEFT:10.3PT; TEXT-INDENT:0PT;'><FONT FACE="Arial" size=2  color="#004a8d"><B>FROM INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(18,340,105</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">30,793,745</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>DISTRIBUTIONS TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(5,749,656</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(2,456,896</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Total distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(8,206,552</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Reinvestment of distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">5,111,803</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Total capital stock transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">5,111,803</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"  bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>NET INCREASE (DECREASE) IN NET ASSETS APPLICABLE
 TO COMMON STOCKHOLDERS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(21,434,854</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">30,793,745</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Beginning
 of year</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">172,290,773</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">141,497,028</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR  bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM> <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">End
 of year (including undistributed net investment income (loss) of $(156,651) at 12/31/11 and<br>$(1,318,551) at 12/31/10)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,855,919</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">172,290,773</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d"><B>THE ACCOMPANYING NOTES ARE AN
 INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d">2011 Annual Report to Stockholders <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>55</FONT></FONT></P></TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce Focus
 Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-TOP:SOLID #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Financial
 Highlights</b></FONT></P></TD>
 </TR>
</TABLE>
<P ALIGN=JUSTIFY style="margin-right:10%"><FONT face=arial SIZE=2>This table is presented to
show selected data for a share of Common Stock outstanding throughout each
period, and to assist stockholders in evaluating the Fund&#146;s performance for the
periods presented.  </FONT></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="44%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="7%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=RIGHT><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=13 VALIGN=BOTTOM><P ALIGN=CENTER><FONT FACE="Arial" size=2  color="#004a8d"><B>Years ended December 31,</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 <TD COLSPAN=13 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P ALIGN=CENTER><FONT face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT FACE="Arial" size=2  color="#004a8d"><B>2011</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT FACE="Arial" size=2  color="#004a8d"><B>2010</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT FACE="Arial" size=2  color="#004a8d"><B>2009</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT FACE="Arial" size=2  color="#004a8d"><B>2008</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT FACE="Arial" size=2  color="#004a8d"><B>2007</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>NET ASSET VALUE, BEGINNING OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">8.72</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">7.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4.76</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">8.92</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">9.75</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>INVESTMENT OPERATIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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"><FONT size=2 face="Arial">Net
 investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.07</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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"><FONT size=2 face="Arial">Net
 realized and unrealized gain (loss) on investments and<br>foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.86</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.65</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2.54</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(3.67</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.12</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Total
 investment operations</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.84</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.64</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2.57</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(3.60</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>DISTRIBUTIONS TO PREFERRED STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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"><FONT size=2 face="Arial">Net
 investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.05</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</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"><FONT size=2 face="Arial">Net
 realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.07</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.07</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.07</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Total
 distributions to Preferred Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.07</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.08</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="Arial" size=2  color="#004a8d"><B>NET
 INCREASE (DECREASE) IN NET ASSETS APPLICABLE TO COMMON STOCKHOLDERS FROM INVESTMENT OPERATIONS</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.91</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.56</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2.49</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(3.68</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.18</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="Arial" size=2  color="#004a8d"><B>DISTRIBUTIONS
 TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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"><FONT size=2 face="Arial">Net
 investment income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.07</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.44</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</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"><FONT size=2 face="Arial">Net
 realized gain on investments and foreign currency</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.29</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(1.57</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</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"><FONT size=2 face="Arial">Return
 of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.12</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.03</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Total
 distributions to Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.41</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.09</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.47</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(2.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>CAPITAL STOCK TRANSACTIONS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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"><FONT size=2 face="Arial">Effect
 of reinvestment of distributions by Common Stockholders</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.04</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:25.9PT;TEXT-INDENT:-8.65PT'><FONT size=2 face="Arial">Total
 capital stock transactions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.04</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.01</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>NET ASSET VALUE, END OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">7.36</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">8.72</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">7.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4.76</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">8.92</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>MARKET VALUE, END OF PERIOD</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">6.30</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">7.57</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">6.33</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">4.60</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">8.97</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;" bgcolor="#dbe1ef">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>TOTAL RETURN:</font><a style="text-decoration:none" href="#rmct-p52-1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Market Value</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(11.75</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">19.59</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">40.84</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(44.94</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">3.02</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net Asset Value</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(10.51</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">21.79</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">53.95</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(42.71</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">12.22</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:8.65PT;TEXT-INDENT:-8.65PT'><FONT FACE="Arial" size=2  color="#004a8d"><B>RATIOS
 BASED ON AVERAGE NET ASSETS APPLICABLE <BR>TO COMMON STOCKHOLDERS:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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">Investment
 advisory fee expense</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.17</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.16</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.13</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.14</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</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">Other
 operating expenses</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.18</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.20</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.26</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.21</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.18</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Total expenses (net)</font><a style="text-decoration:none" href="#rmct-p52-2"><font size="2" face="Arial" color="#000000"><SUP>2</SUP></a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.33</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.42</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.34</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.32</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Expenses prior to fee waivers and balance credits</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.33</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.48</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.31</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Expenses prior to fee waivers</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.33</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.48</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.39</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.31</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net investment income (loss)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.27</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(0.15</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.49</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">0.72</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1.13</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>SUPPLEMENTAL DATA:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net Assets Applicable to Common Stockholders,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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"><FONT size=2 face="Arial">End
 of Period (in thousands)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">150,856</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">172,291</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">141,497</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">92,550</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">165,807</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Liquidation Value of Preferred Stock,</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&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"><FONT size=2 face="Arial">End
 of Period (in thousands)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Portfolio Turnover Rate</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">33</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">36</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">46</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">51</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">62</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">%</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT FACE="Arial" size=2  color="#004a8d"><B>PREFERRED STOCK:</B></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Total shares outstanding</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,000,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Asset coverage per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">175.86</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">197.29</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">166.48</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">117.55</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">190.81</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Liquidation preference per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25.00</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Average month-end market value per share</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25.65</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">25.38</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">23.56</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">22.89</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">24.37</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT face="Arial">&nbsp;</FONT></TD>
 </TR>
</TABLE>
<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="98%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2></font><a style="text-decoration:none" name="rmct-p52-1"><font size="2" face="Arial" color="#000000"></a><SUP>1</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>The Market Value Total
 Return is calculated assuming a purchase of Common Stock on the opening of
 the first business day and a sale on the closing of the last business day of
 each period. Dividends and distributions are assumed for the purposes of this
 calculation to be reinvested at prices obtained under the Fund&#146;s Distribution
 Reinvestment and Cash Purchase Plan. Net Asset Value Total Return is
 calculated on the same basis, except that the Fund&#146;s net asset value is used
 on the purchase and sale dates instead of market value.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial SIZE=2></font><a style="text-decoration:none" name="rmct-p52-2"><font size="2" face="Arial" color="#000000"></a><SUP>2</SUP></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial SIZE=2>Expense ratios based on
 total average net assets including liquidation value of Preferred Stock were
 1.16%, 1.17%, 1.16%, 1.14% and 1.15% for the years ended December 31, 2011,
 2010, 2009, 2008 and 2007, respectively.</FONT></P></TD>
 </TR>


</TABLE>

<br>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="64%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">56 <FONT face=arial SIZE=1>| </FONT><FONT face=arial SIZE=1>2011 Annual Report to
 Stockholders</FONT></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE=1 color="#004a8d"><B>THE ACCOMPANYING
 NOTES ARE AN INTEGRAL PART OF THESE FINANCIAL STATEMENTS.</B></FONT></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5">Royce Focus Trust</font></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><hr color="#004a8d" size=2></TD>
 </TR>
  <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE="1">&nbsp;</font></P></TD>
 </TR>
  <TR>
 <TD bgcolor="#dbe1ef" WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial color="#004a8d" SIZE=4>&nbsp;&nbsp;&nbsp;<b>Notes to Financial Statements</b></FONT></P></TD>
 </TR>
</TABLE>
<br>


<div style="width:90%">

<P align=justify><FONT face=arial color="#004a8d" SIZE=3><B>Summary of Significant Accounting Policies:
</B></FONT><BR><font face=arial size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Royce Focus Trust, Inc. (the &#147;Fund&#148;), is a
diversified closed-end investment company incorporated under the laws of the
State of Maryland. The Fund commenced operations on March 2, 1988, and Royce
&amp; Associates, LLC (&#147;Royce&#148;) assumed investment management responsibility
for the Fund on November 1, 1996. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The preparation of
financial statements in conformity with accounting principles generally
accepted in the United States of America requires management to make estimates
and assumptions that affect the reported amounts of assets and liabilities and
the disclosure of contingent assets and liabilities at the date of the
financial statements and the reported amounts of income and expenses during the
reporting period. Actual results could differ from those estimates. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Fund&#146;s
organizational documents, the officers and directors are indemnified against
certain liabilities that may arise out of the performance of their duties to
the Fund. Additionally, in the normal course of business, the Fund enters into
contracts with service providers that contain general indemnification clauses. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31,
2011, officers, employees of Royce, Fund directors, the Royce retirement plans
and other affiliates owned 25% of the Fund. </FONT></P>

<P align=justify style="margin-bottom:0;"><FONT face=arial color="#004a8d" SIZE=2><B>Valuation of Investments:</B></FONT> <BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>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. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 WIDTH="100%" style="margin-top:0;margin-bottom:0;">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=5% VALIGN=TOP><P align=justify>&nbsp;</P></TD>
 <TD WIDTH=3% VALIGN=TOP><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH=94% VALIGN=TOP><P ALIGN=CENTER>&nbsp;</P></TD>
 </TR>
 <TR>
  <TD VALIGN=TOP><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD VALIGN=TOP><P align=justify><font face="arial" size="2">Level 1&nbsp;&#150;&nbsp;</font></P></TD>
 <TD VALIGN=TOP><P align=justify><font face="arial" size="2">quoted prices in active
 markets for identical securities.</font></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD VALIGN=TOP><P align=justify><font face="arial" size="2">Level 2&nbsp;&#150;&nbsp;</font></P></TD>
 <TD VALIGN=TOP><P align=justify><font face="arial" size="2">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 VALIGN=TOP><P ALIGN=CENTER>&nbsp;</P></TD>
 <TD VALIGN=TOP nowrap><P align=justify><font face="arial" size="2">Level 3&nbsp;&#150;&nbsp;</font></P></TD>
 <TD VALIGN=TOP><P align=justify><font face="arial" size="2">significant
 unobservable inputs (including the Fund&#146;s own assumptions in determining the
 fair value of investments).</font></P></TD>
 </TR>
 </TABLE>
  <P align=justify style="margin-top:0;"><font face="arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
inputs or methodology used for valuing securities are not necessarily an
indication of the risk associated with investing in those securities.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following is a
summary of the inputs used to value the Fund&#146;s investments as of December 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=148 VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 <TD WIDTH=151 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH=148 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH=129 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P></TD>
 <TD WIDTH=144 VALIGN=TOP>
 <P ALIGN=CENTER>&nbsp;</P></TD>
 </TR>
  <TR>
 <TD WIDTH=148 VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 <TD WIDTH=151 VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 1</B></font></P></TD>
 <TD WIDTH=148 VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 2</B></font></P></TD>
 <TD WIDTH=129 VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Level 3</B></font></P></TD>
 <TD WIDTH=144 VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial color="#004a8d" SIZE=2><B>Total</B></font></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PT;">
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;Common Stocks</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>$127,764,515</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>$27,034,168</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&#150;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>$154,798,683</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;Cash Equivalents</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1,496,950</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;&nbsp;21,045,000</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&#150;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=CENTER><FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;22,541,950</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
<TD VALIGN=BOTTOM><hr color="#004a8d" size=1></TD>
 </TR>
</TABLE>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Repurchase Agreements:</B></FONT> <BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</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 face=arial color="#004a8d" SIZE=2><B>Foreign Currency:</B></FONT><BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Net realized foreign exchange gains or losses
arise from sales and maturities of short-term securities, sales of foreign
currencies, expiration of currency forward contracts, currency gains or losses
realized between the trade and settlement dates on securities transactions, and
the difference between the amounts of dividends, interest, and foreign
withholding taxes recorded on the Fund&#146;s books and the U.S. dollar equivalent
of the amounts actually received or paid. Net unrealized foreign exchange gains
and losses arise from changes in the value of assets and liabilities, including
investments in securities at the end of the reporting period, as a result of
changes in foreign currency exchange rates.</FONT></P>
<P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>2011
 Annual Report to Stockholders | 57</font> </P>
</div>
<br clear="all">


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5">Royce Focus Trust</font></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"> <TD VALIGN=BOTTOM><hr color="#004a8d" size=2></TD>
 </TR>
  <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE="1">&nbsp;</font></P></TD>
 </TR>
  <TR>
 <TD bgcolor="#dbe1ef" WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial color="#004a8d" SIZE=4>&nbsp;&nbsp;&nbsp;<b>Notes to Financial Statements (continued)</b></FONT></P></TD>
 </TR>
</TABLE>
<br>

<div style="width:90%">

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Securities Lending: </B></FONT><br>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund loans securities through a lending
agent 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. The
Fund&#146;s securities lending income consists of the income earned on investing
cash collateral, plus any premium payments received for lending certain
securities, less any rebates paid to borrowers and lending agent fees
associated with the loan. The lending agent is not affiliated with Royce.  </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Taxes:</B></FONT><BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>As a qualified regulated investment company
under Subchapter M of the Internal Revenue Code, the Fund is not subject to
income taxes to the extent that it distributes substantially all of its taxable
income for its fiscal year. The Schedule of Investments includes information
regarding income taxes under the caption &#147;Tax Information&#148;.  </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Distributions:</B></FONT><BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Commencing March 2011, the Fund pays quarterly
distributions on the Fund&#146;s Common Stock at the annual rate of 5% of the
rolling average of the prior four calendar quarter-end NAVs of the Fund&#146;s
Common Stock, with the fourth quarter distribution being the greater of 1.25%
of the rolling average or the distribution required by IRS regulations.
Distributions to Preferred Stockholders are accrued daily and paid quarterly
and distributions to Common Stockholders are recorded on ex-dividend date.
Distributable capital gains and/or net investment income are first allocated to
Preferred Stockholder distributions, with any excess allocable to Common
Stockholders. If capital gains and/or net investment income are allocated to
both Preferred and Common Stockholders, the tax character of such allocations
is proportional. To the extent that distributions are not paid from long-term
capital gains, net investment income or net short-term capital gains, they will
represent a return of capital. Distributions are determined in accordance with
income tax regulations that may differ from accounting principles generally
accepted in the United States of America. Permanent book and tax differences
relating to stockholder distributions will result in reclassifications within
the capital accounts. Undistributed net investment income may include temporary
book and tax basis differences, which will reverse in a subsequent period. Any
taxable income or gain remaining undistributed at fiscal year end is
distributed in the following year.  </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Investment Transactions and Related Investment Income:</B></FONT> <BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>Investment transactions are accounted for on
the trade date. Dividend income is recorded on the ex-dividend date. Non-cash
dividend income is recorded at the fair market value of the securities
received. Interest income is recorded on an accrual basis. Premium and
discounts on debt securities are amortized using the effective
yield-to-maturity method. Realized gains and losses from investment
transactions are determined on the basis of identified cost for book and tax
purposes. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Expenses:</B></FONT><BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The Fund incurs direct and indirect expenses.
Expenses directly attributable to the Fund are charged to the Fund&#146;s
operations, while expenses applicable to more than one of the Royce Funds are
allocated equitably. Certain personnel, occupancy costs and other
administrative expenses related to The Royce Funds are allocated by Royce under
an administration agreement and are included in administrative and office
facilities and professional fees. The Fund has adopted a deferred fee agreement
that allows the Directors to defer the receipt of all or a portion of
directors&#146; fees otherwise payable. The deferred fees are invested in certain
Royce Funds until distributed in accordance with the agreement. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Compensating Balance Credits:</B></FONT><BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The Fund has an arrangement with its custodian
bank, whereby a portion of the custodian&#146;s fee is paid indirectly by credits
earned on the Fund&#146;s cash on deposit with the bank. This deposit arrangement is
an alternative to purchasing overnight investments. Conversely, the Fund pays
interest to the custodian on any cash overdrafts, to the extent they are not
offset by credits earned on positive cash balances. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Recent Accounting Pronouncements:</B></FONT><BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>In May 2011, the Financial Accounting
Standards Board issued Accounting Standard Update No. 2011-04, Fair Value
Measurement (Topic 820) Amendments to Achieve Common Fair Value Measurement and
Disclosure Requirements in U.S. GAAP and IFRSs (&#147;ASU No. 2011-04&#148;). ASU No.
2011-04 establishes common requirements for measuring fair value and for
disclosing information about fair value measurements. ASU No. 2011-04 is
effective during interim and annual periods beginning after December 15, 2011.
Management is currently evaluating the impact the adoption of ASU No. 2011-04
will have on the Fund&#146;s financial statements and related disclosures. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Capital Stock:</B></FONT><BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The Fund issued 735,388 shares of Common Stock
as reinvestment of distributions by Common Stockholders for the year ended December
31, 2011.<BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December 31,
2011, 1,000,000 shares of 6.00% Cumulative Preferred Stock were outstanding.
The Fund, at its option, may redeem the Cumulative Preferred Stock, in whole or
in part, at the redemption price. The Cumulative Preferred Stock is classified
outside of permanent equity</FONT></P>


<P align=justify><FONT face=arial color="#004a8d" SIZE=1>58 | 2011 Annual Report to Stockholders</font></p>

</div>
<br clear="all">


<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5">Royce Focus Trust</font></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"> <TD VALIGN=BOTTOM><hr color="#004a8d" size=2></TD>
 </TR>
  <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE="1">&nbsp;</font></P></TD>
 </TR>
  <TR>
 <TD bgcolor="#dbe1ef" WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT face=arial color="#004a8d" SIZE=4>&nbsp;&nbsp;&nbsp;<b>Notes to Financial Statements (continued)</b></FONT></P></TD>
 </TR>
</TABLE>
<br>

<div style="width:90%">



<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Capital Stock (continued):</B></FONT><BR>
<FONT face=arial SIZE=2>(net assets applicable to Common Stockholders)
in the accompanying financial statements in accordance with accounting for
redeemable equity instruments, that requires preferred securities that are
redeemable for cash or other assets to be classified outside of permanent
equity to the extent that the redemption is at a fixed or determinable price
and at the option of the holder or upon the occurrence of an event that is not
solely within the control of the issuer. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund is
required to meet certain asset coverage tests with respect to the Cumulative
Preferred Stock as required by the 1940 Act. In addition, pursuant to the
Rating Agency Guidelines established by Moody&#146;s, the Fund is required to
maintain a certain discounted asset coverage. If the Fund fails to meet these
requirements and does not correct such failure, the Fund may be required to
redeem, in part or in full, the Cumulative Preferred Stock at a redemption
price of $25.00 per share, plus an amount equal to the accumulated and unpaid
dividends, whether or not declared on such shares, in order to meet these
requirements. Additionally, failure to meet the foregoing asset coverage
requirements could restrict the Fund&#146;s ability to pay dividends to Common
Stockholders and could lead to sales of portfolio securities at inopportune
times. The Fund has met these requirements since issuing the Cumulative
Preferred Stock.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Investment Advisory Agreement:</B></FONT><BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>The Investment Advisory Agreement between
Royce and the Fund provides for fees to be paid at an annual rate of 1.0% of
the Fund&#146;s average daily net assets applicable to Common Stockholders plus the
liquidation value of Preferred Stock. Royce has voluntarily committed to waive
the portion of its investment advisory fee attributable to an issue of the
Fund&#146;s Preferred Stock for any month in which the Fund&#146;s average annual NAV
total return since issuance of the Preferred Stock fails to exceed the
applicable Preferred Stock&#146;s dividend rate. For the year ended December 31,
2011, the Fund accrued and paid Royce investment advisory fees totaling $1,937,808.
</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2><B>Purchases and Sales of Investment Securities:</B></FONT> <BR>
<FONT face=arial SIZE=2>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B>For the year ended December 31, 2011, the
costs of purchases and proceeds from sales of investment securities, other than
short-term securities and collateral received for securities loaned, amounted
to $57,431,167 and $60,960,878, respectively.</FONT></P>

<P align=justify style="margin-bottom:0"><FONT face=arial color="#004a8d" SIZE=2><B>Distributions to Stockholders:</B></FONT></p>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="85%" style="margin-left:5%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="25%" VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="8%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="5%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="23%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="2%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="10%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="1%" VALIGN=BOTTOM><P ALIGN=CENTER><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD COLSPAN=7 VALIGN=BOTTOM><P><FONT size=2 face="Arial">The tax character of distributions paid to common stockholders<BR>during
 2011 and 2010 was as follows:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
<td>&nbsp;</td>
 <TD COLSPAN=7 VALIGN=BOTTOM><P><FONT size=2 face="Arial">The tax character of distributions paid to preferred stockholders<BR>during 2011 and 2010 was as follows:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD COLSPAN=7 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <td>&nbsp;</td>
  <TD COLSPAN=7 VALIGN=BOTTOM STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Distributions paid from:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P STYLE="text-align: center"><FONT size=2 face="Arial"><U>2011</U></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P STYLE="text-align: center"><FONT size=2 face="Arial"><U>2010</U></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Distributions paid from:</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P STYLE="text-align: center"><FONT size=2 face="Arial"><U>2011</U></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P STYLE="text-align: center"><FONT size=2 face="Arial"><U>2010</U></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Ordinary income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">561,089</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Ordinary income</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">146,380</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">941,621</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Long-term capital gain</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">5,188,567</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Long-term capital gain</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,353,620</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">558,379</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
<TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Return of capital</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">2,456,896</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,500,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">1,500,000</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">8,206,552</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=right><FONT size=2 face="Arial">&#150;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
<TR>
 <TD COLSPAN=17 VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD COLSPAN=17 VALIGN=TOP><P><FONT size=2 face="Arial">As of December 31, 2011, the tax basis components of distributable
 earnings included in stockholders&#146; equity were as follows:</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Net unrealized appreciation (depreciation)</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">19,358,112</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Post October loss<a style="text-decoration:none" href="#chh">*</a></FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(2,033</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">Accrued preferred distributions</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">(33,333</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">)</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 1PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">$</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">19,322,746</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT size=2 face="Arial">&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P ALIGN=RIGHT><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=BOTTOM><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
</TABLE>

<P STYLE="text-align: justify"></P>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="5%" VALIGN=TOP><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH="95%" VALIGN=TOP><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P STYLE="text-align: right"><FONT size=2 face="Arial"><a style="text-decoration:none" name="chh"></a>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">Under the current tax law,
 capital losses, foreign currency losses and losses realized on Passive
 Foreign Investment Companies after October 31 may be deferred and treated as
 occurring on the first day of the following fiscal year. As of December 31,
 2011, the Fund had $2,033 of post October currency losses. </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P STYLE="text-align: right"><FONT size=2 face="Arial"><a style="text-decoration:none" name="chh"></a>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The
difference between book and tax basis unrealized appreciation (depreciation) is
attributable primarily to partnership investments and the unrealized gains on
Passive Foreign Investment Companies.</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P STYLE="text-align: right"><FONT size=2 face="Arial"><a style="text-decoration:none" name="chh"></a>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P><FONT size=2 face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For financial
reporting purposes, capital accounts and distributions to stockholders are
adjusted to reflect the tax character of permanent book/tax differences. These
differences are primarily due to differing treatments of income and gains on
various investment securities and foreign currency transactions held by the
Fund, timing differences and different characterization of distributions made
by the Fund. For the year ended December 31, 2011, the Fund recorded the
following permanent reclassifications. Results of operations and net assets
were not affected by these reclassifications.</FONT></P></TD>
 </TR>
</TABLE>

<P STYLE="text-align: justify"><FONT face="Arial" SIZE=2></FONT><FONT face="Arial" SIZE=2></FONT></P>
</div>
<BR>

<TABLE BORDER=0 CELLPADDING=0 WIDTH="50%" cellspacing=0>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD WIDTH=9% VALIGN=TOP><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD WIDTH=362 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD WIDTH=359 VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial">Undistributed Net</FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial">Accumulated Net</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial"><U>Investment Income</U></FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial"><U>Realized Gain (Loss)</U></FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial">$711,949</FONT></P></TD>
 <TD VALIGN=TOP><P ALIGN=CENTER><FONT size=2 face="Arial">$(711,949)</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP><P><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #004a8d 2PX"><FONT STYLE="font-family: Arial, Helvetica, Sans-Serif">&nbsp;</FONT></TD>
 </TR>
</TABLE>
<DIV STYLE="width: 90%"><P STYLE="text-align: justify"><FONT face=arial SIZE=2>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management
has analyzed the Fund&#146;s tax positions taken on federal income tax returns for
all open tax years (2008-2011) and has concluded that as of December 31, 2011,
no provision for income tax is required in the Fund&#146;s financial statements. </FONT></P>
</div>


 <DIV STYLE="width: 90%">

<P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1><BR>
2011 Annual Report to Stockholders | 59</font></P>
</div>
<br clear="all">

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 width="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=5 color="#004a8d">Royce Focus
  Trust</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:DOUBLE #004a8d 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=1 color="#004a8d">&nbsp;</FONT></P></TD>
 </TR>
 <TR bgcolor="#dbe1ef">
 <TD VALIGN=TOP>
 <P><FONT face=arial SIZE=4 color="#004a8d">&nbsp;&nbsp;&nbsp;<b>Report of Independent Registered Public Accounting
 Firm</b></FONT></P></TD>
 </TR>
</TABLE>
<br>
<div style="width:90%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2><B>To the Board of Directors and Stockholders of <BR>
Royce Focus Trust, Inc. <BR>
New York, New York</B></font></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>We
have audited the accompanying statement of assets and liabilities of Royce
Focus Trust, Inc., (&#147;Fund&#148;) including the schedule of investments, as of
December 31, 2011, and the related statement of operations for the year then
ended, the statements of changes in net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in
the period then ended. These financial statements and financial highlights are
the responsibility of the Fund&#146;s management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on our
audits.
</FONT></P>


<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>
<FONT SIZE=2>We
conducted our audits in accordance with the standards of the Public Company
Accounting Oversight Board (United States). Those standards require that we
plan and perform the audit to obtain reasonable assurance about whether the
financial statements and financial highlights are free of material
misstatement. The Fund is not required to have, nor were we engaged to perform,
an audit of its internal control over financial reporting. Our audits included
consideration of internal control over financial reporting as a basis for
designing audit procedures that are appropriate in the circumstances, but not
for the purpose of expressing an opinion on the effectiveness of the Fund&#146;s
internal control over financial reporting. Accordingly, we express no such
opinion. An audit includes examining, on a test basis, evidence supporting the
amounts and disclosures in the financial statements. Our procedures included
confirmation of securities owned as of December 31, 2011, by correspondence
with the custodian. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the overall
financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion. </FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>
In
our opinion, the financial statements and financial highlights referred to
above present fairly, in all material respects, the financial position of Royce
Focus Trust, Inc. at December 31, 2011, the results of its operations for the
year then ended, the changes in its net assets for each of the two years in the
period then ended and the financial highlights for each of the five years in
the period then ended, in conformity with accounting principles generally
accepted in the United States of America.</FONT></P>



<P ALIGN=CENTER><FONT size=2 face="Arial">TAIT, WELLER, &amp; BAKER LLP</FONT></P>
<P><FONT size=2 face="Arial">Philadelphia, Pennsylvania <BR>
February 21, 2012 </FONT> </FONT></P>


<P><FONT face=arial SIZE=1 color="#004a8d">60 | 2011
Annual Report to Stockholders</FONT></P>

<br>




<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 </TR>
  <TR>
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5"><a style="text-decoration:none" name="dao"></a>Directors and Officers</font></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"> <TD VALIGN=BOTTOM><hr color="#004a8d" size=2></TD>
 </TR>
</TABLE>



<P align=justify><FONT face=arial color="#C3CE22" SIZE=2><B>All Directors and Officers may be reached c/o The Royce
Funds,745 Fifth Avenue, New York, NY 10151</B></FONT></P>

<div style="width:90%">
<div style="position:relative; float:left; width:47%">

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Charles M. Royce, Trustee<a style="text-decoration:none" href="#chh1"><font size="2" face="Arial" color="#000000"><sup>1</a></sup></font><FONT face=arial color="#004a8d" SIZE=2>, President</font></FONT><BR>
<FONT face=arial SIZE=2>Age: 72 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Number of Funds
Overseen: 35 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 1982 <BR>
Non-Royce Directorships: Director of TICC Capital Corp.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: President, Co-Chief Investment Officer and
Member of Board of Managers of Royce &amp; Associates, LLC (&#147;Royce&#148;), the
Trust&#146;s investment adviser.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Mark R. Fetting, Trustee</font><a style="text-decoration:none" href="#chh1"><font size="2" face="Arial" color="#000000"><SUP>1</a></SUP></FONT><BR>
<FONT face=arial SIZE=2>Age: 57 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Number of Funds
Overseen: 51 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 2001<BR>
Non-Royce Directorships: Director of Legg Mason,
Inc. and Director/Trustee of registered investment companies constituting the
16 Legg Mason Funds.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past 5 Years: President, CEO, Chairman and Director of
Legg Mason, Inc. and Chairman of Legg Mason Funds. Mr. Fetting&#146;s prior business
experience includes having served as a member of the Board of Managers of
Royce; President of all Legg Mason Funds; Senior Executive Vice President of
Legg Mason, Inc.; Director and/or officer of various Legg Mason, Inc. affiliates;
Division President and Senior Officer of Prudential Financial Group, Inc. and
related companies.</FONT></P>

<hr color="#C3CE22" size=1>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Patricia W. Chadwick, Trustee</FONT><BR>
<FONT face=arial SIZE=2>Age: 63 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Number of Funds
Overseen: 35 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 2009<BR>Non-Royce Directorships: Trustee of ING
Mutual Funds and Director of Wisconsin Energy Corp.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past 5 Years: Consultant and President of Ravengate
Partners LLC (since 2000).</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Richard M. Galkin, Trustee</FONT><br>
<FONT face=arial SIZE=2>Age: 73 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Number of Funds
Overseen: 35 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 1982 <BR>
Non-Royce Directorships: None</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: Private investor. Mr. Galkin&#146;s prior
business experience includes having served as President of Richard M. Galkin
Associates, Inc., telecommunications consultants, President of Manhattan Cable
Television (a subsidiary of Time, Inc.), President of Haverhills Inc. (another
Time, Inc. subsidiary), President of Rhode Island Cable Television and Senior
Vice President of Satellite Television Corp. (a subsidiary of Comsat).</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Stephen L. Isaacs, Trustee</FONT><BR>
<FONT face=arial SIZE=2>Age: 72 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Number of Funds
Overseen: 35 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 1989 <BR>
Non-Royce Directorships: None</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: President of The Center for Health and
Social Policy (since September 1996); Attorney and President of Health Policy
Associates, Inc., consultants. Mr. Isaacs&#146;s prior business experience includes
having served as Director of Columbia University Development Law and Policy
Program and Professor at Columbia University (until August 1996).</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Arthur S. Mehlman, Trustee</FONT><br>
<FONT face=arial SIZE=2>Age: 69 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Number of Funds
Overseen: 51 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 2004<BR>
Non-Royce Directorships: Director/Trustee of registered investment companies
constituting the 16 Legg Mason Funds.</FONT></P>

<P align=justify><FONT face=arial SIZE=2><FONT SIZE=2>Principal
Occupation(s) During Past Five Years: Director of The League for People with
Disabilities, Inc.; Director of University of Maryland Foundation (non-profits). Formerly: Director of
Municipal Mortgage &amp; Equity, LLC (from October 2004 to April 1, 2011);
Director of University of Maryland College Park Foundation (non-profit) (from
1998 to 2005); Partner, KPMG LLP (international accounting firm) (from 1972 to
2002); Director of Maryland Business Roundtable for Education (from July 1984
to June 2002).</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>David L. Meister, Trustee</FONT><br>
<FONT face=arial SIZE=2>Age: 72 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Number of Funds
Overseen: 35 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 1982 <BR>
Non-Royce Directorships: None</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: Consultant. Chairman and Chief Executive
Officer of The Tennis Channel (from June 2000 to March 2005). Mr. Meister&#146;s prior
business experience includes having served as Chief Executive Officer of
Seniorlife.com, a consultant to the communications industry, President of
Financial News Network, Senior Vice President of HBO, President of Time-Life
Films and Head of Broadcasting for Major League Baseball.</FONT></P>
</div>
<div style="position:relative; float:right; width:47%">



<P align=justify><FONT face=arial color="#004a8d" SIZE=2>G. Peter O&#146;Brien, Trustee</FONT><BR>
<FONT face=arial SIZE=2>Age: 66 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Number of Funds
Overseen: 51 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 2001<BR>Non-Royce Directorships:
Director/Trustee of registered investment companies constituting the 16 Legg
Mason Funds; Director of TICC Capital Corp.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: Trustee Emeritus of Colgate University
(since 2005); Board Member of Hill House, Inc. (since 1999); Formerly: Trustee
of Colgate University (from 1996 to 2005), President of Hill House, Inc. (from
2001 to 2005) and Managing Director/Equity Capital Markets Group of Merrill
Lynch &amp; Co. (from 1971 to 1999).</FONT></P>

<hr color="#C3CE22" size=1>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>John D. Diederich, Vice
President and Treasurer</FONT><br>
<FONT face=arial SIZE=2>Age:60  </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 2001</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal Occupation(s)
During Past Five Years: Chief Operating Officer, Managing Director and member of
the Board of Managers of Royce; Chief Financial Officer of Royce; Director of
Administration of the Trust; and President of RFS, having been employed by
Royce since April 1993.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Jack E. Fockler, Jr., Vice
President</FONT><br>
<FONT face=arial SIZE=2>Age: 53 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 1995</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: Managing Director and Vice President of Royce, and Vice President of
RFS, having been employed by Royce since October 1989.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>W. Whitney George, Vice
President</FONT><br>
<FONT face=arial SIZE=2>Age: 53 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 1995</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: Co-Chief Investment Officer, Managing
Director and Vice President of Royce, having been employed by Royce since
October 1991.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Daniel A. O&#146;Byrne, Vice
President and Assistant Secretary</FONT><br>
<FONT face=arial SIZE=2>Age: 49 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 1994</FONT></P>

<P align=justify><FONT face=arial SIZE=2><FONT SIZE=2>Principal
Occupation(s) During Past Five Years: Principal and Vice President of Royce,
having been employed by Royce since October 1986.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>John E. Denneen, Secretary
and Chief Legal Officer</FONT><br>
<FONT face=arial SIZE=2>Age: 44 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: 1996-2001
and Since April 2002</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: General Counsel, Principal, Chief Legal
and Compliance Officer and Secretary of Royce; Secretary and Chief Legal Officer of
<I>The Royce Funds</I>.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=2>Lisa Curcio, Chief Compliance
Officer</FONT><br>
<FONT face=arial SIZE=2>Age: 52 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=2> Tenure: Since 2004</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Principal
Occupation(s) During Past Five Years: Chief Compliance Officer of The Royce Funds
(since October 2004) and Compliance Officer of Royce (since June 2004).</FONT></P>

<hr color="#004a8d" size=1>

<P align=justify><FONT face=arial SIZE=2></font><a style="text-decoration:none" name="chh1"><font size="2" face="Arial" color="#000000"><sup>1</a></sup> Interested Trustee.</FONT></P>

<P align=justify><FONT face=arial SIZE=2>Trustees
will hold office until their successors have been duly elected and qualified or until their earlier
resignation or removal. The Statement of Additional Information, which contains
additional information about the Trust&#146;s trustees and officers, is available and
can be obtained without charge at <B>www.roycefunds.com</B>
or by calling (800) 221-4268.</FONT></P>
</div>
</div>
<br clear="all">
<br>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 </TR>
<tr>
 <TD VALIGN=TOP>
 <P align=right><FONT face=arial color="#004a8d" SIZE=1> The Royce Funds 2011
 Annual Report to Stockholders </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=1> 61</font></P></TD>
 </TR>
</TABLE>

<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT color="#004a8d" SIZE="5"><a style="text-decoration:none" name="notes"></a>Notes to Performance and
 Other Important Information</font></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"> <TD VALIGN=BOTTOM><hr color="#004a8d" size=2></TD>
 </TR>
</TABLE>
<br>

<div style="width:90%">

<div style="position:relative; float:left; width:47%">

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2>The
thoughts expressed in this <I>Review and Report</I>
concerning recent market movements and future prospects for small company
stocks are solely the opinion of Royce at December 31, 2011, and, of course,
historical market trends are not necessarily indicative of future market
movements. Statements regarding the future prospects for particular securities
held in the Funds&#146; portfolios and Royce&#146;s investment intentions with respect to
those securities reflect Royce&#146;s opinions as of December 31, 2011 and are
subject to change at any time without notice. There can be no assurance that
securities mentioned in this <I>Review and
Report</I> will be included in any Royce-managed portfolio in the
future. Investments in securities of micro-cap, small-cap and/or mid-cap
companies may involve considerably more risk than investments in securities of
larger-cap companies. All publicly released material information is always
disclosed by the Funds on the website at www.roycefunds.com. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Sector
weightings are determined using the Global Industry Classification Standard
(&#147;GICS&#148;). GICS was developed by, and is the exclusive property of, Standard
&amp; Poor&#146;s Financial Services LLC (&#147;S&amp;P&#148;) and MSCI Inc. (&#147;MSCI&#148;). GICS is
the trademark of S&amp;P and MSCI. &#147;Global Industry Classification Standard
(GICS)&#148; and &#147;GICS Direct&#148; are service marks of S&amp;P and MSCI. <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All indexes
referred to are unmanaged and capitalization weighted. Each index&#146;s returns
include net reinvested dividends and/or interest income. Russell Investment
Group is the source and owner of the trademarks, service marks and copyrights
related to the Russell Indexes. Russell<sup>&#174;</sup> is a trademark of Russell Investment
Group. The Russell 2000 Index is an index of domestic small-cap stocks. It
measures the performance of the 2,000 smallest publicly traded U.S. companies
in the Russell 3000 Index. The Russell 2000 Value and Growth Indexes consist of
the respective value and growth stocks within the Russell 2000 as determined by
Russell Investments. The Russell Microcap Index includes 1,000 of the smallest
securities in the Russell 2000 Index. The Russell Midcap Index measures the
performance of the mid-cap segment of the U.S. equity universe. It includes
approximately 800 of the smallest securities in the Russell 1000 Index. The
Russell Global ex-U.S. Large Cap Index is an index of global large-cap stocks,
excluding the United States. The Russell Global ex-U.S. Small Cap Index is an
index of global small-cap stocks, excluding the United States. The S&amp;P 500
and SmallCap 600 are indexes of U.S. large- and small-cap stocks, respectively,
selected by Standard &amp; Poor&#146;s based on market size, liquidity and industry
grouping, among other factors. The Nasdaq Composite is an index of the more
than 3,000 common equities listed on the Nasdaq stock exchange. Returns for the
market indexes used in this report were based on information supplied to Royce
by Russell Investments. Royce has not independently verified the above
described information. </FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=3>Forward-Looking Statements</FONT><br>
<FONT face=arial SIZE=2>This material contains
forward-looking statements within the meaning of the Securities Exchange Act of
1934, as amended (the &#147;Exchange Act&#148;), that involve risks and uncertainties,
including, among others, statements as to: </FONT></P>

</div>

<div style="position:relative; float:right; width:47%">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 <TD WIDTH="97%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
<P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the Funds&#146; future operating
 results</font></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the prospects of the Funds&#146;
 portfolio companies</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the impact of investments
 that the Funds have made or may make </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the dependence of the
 Funds&#146; future success on the general economy and its impact on the companies and industries in which the Funds
 invest, and</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2><B>&#149;</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=2>the ability of the Funds&#146;
 portfolio companies to achieve their objectives. </FONT></P></TD>
 </TR>
</TABLE>

<P align=justify STYLE="MARGIN-TOP:0;"><FONT face=arial SIZE=2>This <I>Review and Report</I> uses words such as
&#147;anticipates,&#148; &#147;believes,&#148; &#147;expects,&#148; &#147;future,&#148; &#147;intends,&#148; and similar
expressions to identify forward-looking statements. Actual results may differ
materially from those projected in the forward-looking statements for any
reason.  <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Royce Funds
have based the forward-looking statements included in this <I>Review and Report</I> on information available
to us on the date of the report, and we assume no obligation to update any such
forward-looking statements. Although The Royce Funds undertake no obligation to
revise or update any forward-looking statements, whether as a result of new information,
future events or otherwise, you are advised to consult any additional
disclosures that we may make through future stockholder communications or
reports.</FONT></P>

<P align=justify><FONT face=arial color="#004a8d" SIZE=3>Authorized Share Transactions</FONT><BR>
<FONT face=arial SIZE="2">Royce Value Trust, Royce
Micro-Cap Trust and Royce Focus Trust may each repurchase up to 5% of the
issued and outstanding shares of its respective common stock and up to 10% of
the issued and outstanding shares of its respective preferred stock during the
year ending December 31, 2011. Any such repurchases would take place at then
prevailing prices in the open market or in other transactions. Common stock
repurchases would be effected at a price per share that is less than the share&#146;s
then current net asset value, and preferred stock repurchases would be effected
at a price per share that is less than the share&#146;s liquidation value.  <BR>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Royce Value Trust, Royce Micro-Cap Trust and Royce Focus Trust are also authorized to offer their common stockholders an opportunity to subscribe for additional shares of their common stock through rights offerings at a price per share that may be less than the share's then current net asset value. The timing and terms of any such offerings are within each Board's discretion.</FONT></P>



<P align=justify><FONT face=arial color="#004a8d" SIZE=3>Annual Certifications</FONT><br>
<FONT face=arial SIZE="2">As required, the Funds have submitted to the
New York Stock Exchange (&#147;NYSE&#148;) for Royce Value Trust and Royce Micro-Cap
Trust and to Nasdaq for Royce Focus Trust, respectively, the annual
certification of the Funds&#146; Chief Executive Officer that he is not aware of any
violation of the NYSE&#146;s or Nasdaq&#146;s Corporate Governance listing standards. The
Funds also have included the certification of the Funds&#146; Chief Executive Officer
and Chief Financial Officer required by section 302 of the Sarbanes-Oxley Act of
2002 as exhibits to the Funds&#146; form N-CSR for the period ended December 31,
2010, filed with the Securities and Exchange Commission.</FONT></P>

</div>
<br clear="all"><br>


<P align=justify style="background-color:#f4f6df"><FONT face=arial color="#004a8d" SIZE=3>Proxy Voting</FONT><br>
<FONT face=arial SIZE=2>A copy of the policies and
procedures that The Royce Funds use to determine how to vote proxies relating
to portfolio securities and information regarding how each of The Royce Funds
voted proxies relating to portfolio securities during the most recent 12-month
period ended June 30 is available, without charge, on The Royce Funds&#146; website
at www.roycefunds.com, by calling (800) 221-4268 (toll-free) and on the website
of the Securities and Exchange Commission (&#147;SEC&#148;), at www.sec.gov.</FONT><br>
<br>
<FONT face=arial color="#004a8d" SIZE=3>Form N-Q Filing</FONT><br>
<FONT face=arial SIZE=2>The Funds file their
complete schedules of investments with the SEC for the first and third quarters
of each fiscal year on Form N-Q. The Funds&#146; Forms N-Q are available on the
SEC&#146;s website at www.sec.gov. The Royce Funds&#146; holdings are also on the Funds&#146;
website approximately 15 to 20 days after each calendar quarter end and remain
available until the next quarter&#146;s holdings are posted. The Funds&#146; Forms N-Q
may also be reviewed and copied at the SEC&#146;s Public Reference Room in
Washington, D.C. To find out more about this public service, call the SEC at
(800) 732-0330. The Funds&#146; complete schedules of investments are updated
quarterly, and are available at www.roycefunds.com.</FONT></P>

</div>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH=100% VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial SIZE="1">&nbsp;</font></P></TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P ALIGN=left><FONT face=arial color="#004a8d" SIZE=1> 62 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=1> The Royce Funds 2011 Annual Report to Stockholders</font></P></TD>
 </TR>
</TABLE>
<BR>

<HR NOSHADE ALIGN=left WIDTH="90%" SIZE=3><P STYLE='PAGE-BREAK-BEFORE: ALWAYS'></P><PAGE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="90%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="100%" VALIGN=TOP>
 <P align=justify>&nbsp;</P></TD>
 </TR>
  <TR>
 <TD VALIGN=TOP>
 <P align=justify><FONT face="Times New Roman" color="#004a8d" SIZE="5"><a style="text-decoration:none" name="notes1"></a>Notes to Performance and
 Other Important Information</font></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;"> <TD VALIGN=BOTTOM><hr color="#004a8d" size=2></TD>
 </TR>
</TABLE>
<br>

<div style="width:90%">



<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Royce Value Trust, Inc.</B></FONT><BR>
<FONT SIZE=2 face="Times New Roman">
At
the 2011 Annual Meeting of Stockholders held on September 22, 2011, the Fund&#146;s
stockholders elected four Directors, consisting of:</FONT></P>

<DIV STYLE="FONT face=arial">

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="31%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR BGCOLOR=#315994>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2 COLOR=WHITE><B>VOTES FOR</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2 COLOR=WHITE><B>VOTES WITHHELD</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Richard M. Galkin</font><a style="text-decoration:none" href="#chd"><font size="2" face="Arial" color="#000000"><sup>*</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>65,521,550</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>4,133,445</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Stephen L. Isaacs</font><a style="text-decoration:none" href="#chd"><font size="2" face="Arial" color="#000000"><sup>*</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>65,555,428</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>4,099,567</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Patricia W. Chadwick</font><a style="text-decoration:none" href="#chdd"><font size="2" face="Arial" color="#000000"><sup>**</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>8,192,681</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>89,368</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>David L. Meister</font><a style="text-decoration:none" href="#chdd"><font size="2" face="Arial" color="#000000"><sup>**</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>8,178,302</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>103,747</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
</TABLE>

<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2></font><a style="text-decoration:none" name="chd"><font size="2" face="Arial" color="#000000"></a><SUP>*</sup></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">Common Stock and Preferred
 Stock voting together as a single class </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><a style="text-decoration:none" name="chdd"></a>**</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">Preferred Stock voting as a
 separate class </FONT></P></TD>
 </TR>
</TABLE>


<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Transaction Approved by Royce Value Trust Board of Directors</B></FONT><BR>
<FONT SIZE=2 face="Times New Roman">
The Board of Directors
of Royce Value Trust, Inc. (&#147;RVT&#148;) has approved, subject to stockholder and
other regulatory approvals, the contribution of approximately $100 million of
RVT&#146;s assets to a newly formed non-diversified, closed-end investment company,
Royce Global Value Trust, Inc. (&#147;RGT&#148;). All of RGT&#146;s common stock would then be
distributed to the common stockholders of RVT. There is no assurance that
necessary stockholder and regulatory approvals will be obtained.</FONT></P>

<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Royce Micro-Cap Trust, Inc.</B></FONT><BR>
<FONT face="Times New Roman" SIZE=2>At the 2011 Annual Meeting of Stockholders held on September 22, 2011, the Fund&#146;s stockholders
elected four Directors, consisting of:</FONT></P>


<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="31%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR BGCOLOR=#315994>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2 COLOR=WHITE><B>VOTES FOR</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2 COLOR=WHITE><B>VOTES WITHHELD</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 </TR>


 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Patricia W. Chadwick</font><a style="text-decoration:none" href="#chdd"><font size="2" face="Arial" color="#000000"><sup>*</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>2,235,610</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>43,570</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>


 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Richard M. Galkin</font><a style="text-decoration:none" href="#chdd"><font size="2" face="Arial" color="#000000"><sup>*</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>25,195,221</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>1,692,547</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Stephen L. Isaacs</font><a style="text-decoration:none" href="#chdda"><font size="2" face="Arial" color="#000000"><sup>**</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>25,205,257</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>1,682,511</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>David L. Meister</font><a style="text-decoration:none" href="#chdda"><font size="2" face="Arial" color="#000000"><sup>**</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>2,231,011</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>48,169</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
</TABLE>
<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="3%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 <TD WIDTH="96%" VALIGN=TOP>
 <P>&nbsp;</P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2></font><a style="text-decoration:none" name="chdd1"><font size="2" face="Arial" color="#000000"></a><SUP>*</sup></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">Common Stock and Preferred
 Stock voting together as a single class</FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2><a style="text-decoration:none" name="chdda"></a>**</FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">Preferred Stock voting as a
 separate class </FONT></P></TD>
 </TR>
</TABLE>


<P ALIGN=JUSTIFY><FONT face=arial SIZE=2 color="#004a8d"><B>Royce Focus Trust, Inc.</B></FONT><BR>
<FONT SIZE=2 face="Times New Roman">
At the 2011 Annual
Meeting of Stockholders held on September 22, 2011, the Fund&#146;s stockholders
elected four Directors, consisting of:</FONT></P>



<TABLE BORDER=0 CELLSPACING=0 CELLPADDING=0 WIDTH="100%">
 <TR STYLE="FONT-SIZE:1PX">
 <TD WIDTH="35%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="31%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="4%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 <TD WIDTH="25%" VALIGN=TOP>
 <P ALIGN=RIGHT>&nbsp;</P></TD>
 <TD WIDTH="1%" VALIGN=TOP>
 <P ALIGN=JUSTIFY>&nbsp;</P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR BGCOLOR=#315994>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2 COLOR=WHITE><B>VOTES FOR</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2 COLOR=WHITE><B>VOTES WITHHELD</B></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdcf39 2PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Patricia W. Chadwick</font><a style="text-decoration:none" href="#ch2a"><font size="2" face="Arial" color="#000000"><sup>*</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>16,525,914</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>454,879</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Richard M. Galkin</font><a style="text-decoration:none" href="#ch2"><font size="2" face="Arial" color="#000000"><sup>*</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>16,544,888</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>435,905</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>Stephen L. Isaacs</font><a style="text-decoration:none" href="#ch2a"><font size="2" face="Arial" color="#000000"><sup>**</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>916,834</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>11,594</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P STYLE='MARGIN-RIGHT:0IN;MARGIN-LEFT:17.3PT;TEXT-INDENT:-8.65PT'><FONT FACE=ARIAL SIZE=2>David L. Meister</font><a style="text-decoration:none" href="#ch2"><font size="2" face="Arial" color="#000000"><sup>**</SUP></a></FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>916,600</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT FACE=ARIAL SIZE=2>11,828</FONT></P></TD>
 <TD VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT FACE=ARIAL SIZE=1>&nbsp;</FONT></P></TD>
 </TR>
 <TR STYLE="FONT-SIZE:1PX;">
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
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 <TD VALIGN=TOP STYLE="BORDER-BOTTOM:SOLID #bdbebd 1PX">&nbsp;</TD>
 </TR>
</TABLE>
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 <P><FONT SIZE=2></font><a style="text-decoration:none" name="ch2a"><font size="2" face="Arial" color="#000000"></a><SUP>*</sup></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">Common Stock and Preferred
 Stock voting together as a single class </FONT></P></TD>
 </TR>
 <TR>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2></font><a style="text-decoration:none" name="ch2"><font size="2" face="Arial" color="#000000"></a><SUP>**</sup></FONT></P></TD>
 <TD VALIGN=TOP>
 <P><FONT SIZE=2 face="Times New Roman">Preferred Stock voting as a
 separate class </FONT></P></TD>
 </TR>
</TABLE>
</DIV>

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  <TR>
 <TD VALIGN=TOP>
 <P ALIGN=RIGHT><FONT face=arial color="#004a8d" SIZE=1>The
 Royce Funds 2011 Annual Report to Stockholders </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=1> 63</font></P></TD>
 </TR>
</TABLE>

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 <P align=justify><FONT color="#004a8d" SIZE=5 face="Times New Roman"><a style="text-decoration:none" name="quotes"></a>2011: In
 Quotes</FONT></P></TD>
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  <TR>
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 <TD VALIGN=TOP>
 <P style="margin-right:2%; margin-left:2%"><FONT face=arial color="#004a8d" SIZE=2>Stocks are an imperfect asset, superior only to every other investment
over long periods. </FONT></P></TD>
 </TR>
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 <TD VALIGN=TOP>
<P style="margin-right:12%; margin-left:2%"><FONT face=arial color="#004a8d" SIZE=2><FONT SIZE=2>&#150;
Knight Kiplinger,<I> Kiplinger&#146;s Personal
Finance</I>, December 2011</FONT></P></TD>
 </TR>
   <TR bgcolor="#f4f6df">
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 <P align=justify style="margin-bottom:0;"><FONT face=arial color="#004a8d" SIZE=4>Points
 To Ponder</FONT><br>
<FONT SIZE=2 face="Times New Roman">Across
Europe just now men who thought their title was &#147;minister of finance&#148; have
woken up to the idea that their job is actually government bond salesman.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150;

Michael Lewis,<I> Vanity Fair</I>, March
2011</FONT></P>
<P align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2>Many
European companies are in better shape than the nations in which they&#146;re based.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150;
 James H. Glassman, <I>Kiplinger&#146;s Magazine</I>,
December 2011
 </FONT></P>
<P align=justify style="margin-bottom:0;"><FONT face=arial color="#004a8d" SIZE=4>In
Absolute Agreement</FONT><br>
<FONT SIZE=2 face="Times New Roman">Stocks
have climbed a wall of worry for 42 years. The bigger the worry, the better the
returns.</FONT></P>

 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150;
 Bob Olstein, <I>Morningstar Advisor</I>,<br>
February/March 2011</FONT></P>
<P align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2> As
long as inflation doesn&#146;t ramp up to the double-digit levels of the 1970s and
early 1980s&#151;a scenario I consider extremely unlikely&#151;stocks will act as an
excellent hedge. The reason is simple: Stocks are claims on real assets, such
as land and plant and equipment, which appreciate in value as overall prices
increase.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150; Jeremy J. Siegel, <I>Kiplinger&#146;s Personal
Finance</I>, June 2011</FONT></P>

<P align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2> To
the extent that some managers are trying to replace active security selection
with active allocation across sectors, that is another name for market timing.
History suggests that is rarely a durable strategy.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150; Edward Bernard, T. Rowe Price Vice Chairman, <i>Bloomberg</i>, June 9, 2011</FONT></P></TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
<P align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2>Unquestionably,
some people have become very rich through the use of borrowed money. However,
that&#146;s also been a way to get very poor. When leverage works, it magnifies your
gains. Your spouse thinks you&#146;re clever, and your neighbors get envious. But
leverage is addictive. Once having profited from its wonders, very few people
retreat to more conservative practices. And as we all learned in third
grade&#151;and some relearned in 2008&#151;any series of positive numbers, however
impressive the numbers may be, evaporates when multiplied by a single zero.
History tells us that leverage all too often produces zeroes, even when it is
employed by very smart people.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150;
 Warren Buffett, 2010 <i>Berkshire Hathaway</i><br><i>Letter to Shareholders</i></FONT></P>
<P align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2>From
now on, price pressure and shortages of resources will be a permanent feature
of our lives&#133; The world is using up its natural resources at an alarming rate,
and this has caused a permanent shift in their value. We all need to adjust our
behavior to this new environment. It would help if we did it quickly.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150; Jeremy Grantham, <i>The New York Times</i>,
<br>August 11, 2011</FONT></P>
<div align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2>If
investing was just all history, the historians would be billionaires. Same with
quant and algorithms. High quality stocks in the US and the emerging markets
are the place to be, and this panic is a wonderful opportunity to buy them.</FONT></div>
 <div align=lefty style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150; Barton Biggs, <i>Macroeconomic Thoughts,</i><br>August 16, 2011</FONT></div>
 </TD>
 <TD VALIGN=TOP>
 <P align=justify><FONT face=arial SIZE=1>&nbsp;</FONT></P></TD>
 <TD VALIGN=TOP>
<P align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2>When
markets are highly correlated is exactly when you have really good
opportunities to make great long-term investments.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150;
 David Chung, <I>Barron&#146;s,</I> September
5, 2011</FONT></P>
<P align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2>Our
discipline is very much bottom-up stock-picking, with a strong value-investing
bias. I am very cheap in terms of what we want to pay for things. It is not
like we don&#146;t like growth. We like growth as much as the next guy. But we just
don&#146;t want to pay pie-in-the-sky prices for future bets.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150;
 Michael Katz, <I>Barron&#146;s</I>, November
26, 2011</FONT></P>
<P align=left style="margin-bottom:0;"><FONT face=arial color="#004a8d" SIZE=4>Cocktail
 Conversation</FONT><br>
<FONT face="Times New Roman" SIZE=2>The
pace at which we can reach our destination of economic bliss will be governed
by four things&#151;our power to control population, our determination to avoid wars
and civil dissensions, our willingness to entrust to science the direction of
those matters which are properly the concern of science, and the rate of
accumulation as fixed by the margin between our production and our consumption;
of which the last will easily look after itself, given the first three.</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150;
 John Maynard Keynes, <I>Economic Possibilities
for our Grandchildren</I>, 1930</FONT></P>
<P align=justify style="margin-bottom:0;"><FONT face="Times New Roman" SIZE=2>Some
people say they want to wait for a clearer view of the future. But when the
future is again clear, the present bargains will have vanished. In fact, does
anyone think that today&#146;s prices will prevail once full confidence has been
restored?</FONT></P>
 <P align=left style="margin-left:11pt; text-indent:-11pt; margin-top:0;"><FONT face=arial color="#004a8d" SIZE=2>&#150;
 Dean Witter, May 1932</FONT></P>


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 <P align=justify><FONT face="Times New Roman" SIZE="2">The
thoughts expressed above represent solely the opinions of the persons quoted
and, of course, there can be no assurance of future market trends or performance. </FONT></P></TD>
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 <P align=justify><FONT face=arial color="#004a8d" SIZE=1>64 </font><FONT color="#c3ce22" face="arial"> | </font><FONT face=arial SIZE=1> This page is not part of the 2011
 Annual Report to Stockholders</FONT></P></TD>
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 <P><FONT color="#004a8d" SIZE=4 face="Times New Roman">About The Royce Funds</FONT></P> </TD>
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 <P><FONT face=arial color="#004a8d" SIZE=2><B>Wealth Of
 Experience</B></FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P> </TD>
 <TD VALIGN=TOP>
 <P><FONT face=arial color="#004a8d" SIZE=2><B>Consistent
 Discipline</B></FONT></P> </TD>
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 <P><FONT color="#004a8d" SIZE=1>&nbsp;</FONT></P> </TD>
 <TD ROWSPAN=5 VALIGN=TOP>
 <P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2>With
approximately $34 billion in open- and closed-end fund assets under management,
Royce &amp; Associates is committed to the same small-company investing
principles that have served us well for more than 35 years. Charles M. Royce,
our President and Co-Chief Investment Officer, enjoys one of the longest tenures
of any active mutual fund manager. Royce&#146;s investment staff also includes
Co-Chief Investment Officer W. Whitney George, 18 Portfolio Managers, five
assistant portfolio managers and analysts, and nine traders.</FONT></P>
 <P align="justify"><FONT face=arial color="#004a8d" SIZE=2><B>Multiple
 Funds, Common Focus</B><br>Our
goal is to offer both individual and institutional investors the best available
smaller-cap portfolios. Unlike a lot of mutual fund groups with broad product
offerings, we have chosen to concentrate on smaller-company investing by
providing investors with a range of funds that take full advantage of this
large and diverse sector.</FONT></P> </TD>
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 <P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2>Our approach emphasizes paying close attention to risk and maintaining the same discipline, regardless of market movements and trends. The price we pay for a security must be significantly below our appraisal of its current worth. This requires a thorough analysis of the financial and business dynamics of an enterprise, as though we were purchasing the entire company.</FONT></P>
 <P ALIGN=JUSTIFY><FONT face=arial color="#004a8d" SIZE=2><B>Co-Ownership Of Funds</B><br>
  It
is important that our employees and shareholders share a common financial
goal; our officers, employees and their families currently have approximately
$144 million invested in <I>The Royce Funds.</i></FONT></P> </TD>
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<P style="margin:0px"><BR></P>

<P style="margin:0px"><B>Item 2. Code(s) of Ethics.</B> &nbsp;As of the end of the period covered by this report, the Registrant had adopted a code of ethics, as defined in Item 2 of Form N-CSR, applicable to its
principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. A copy of this code of ethics is filed as an exhibit to this Form N-CSR. No substantive amendments
were approved or waivers were granted to this code of ethics during the period covered by this report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 3. Audit Committee Financial Expert. </B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">(a)(1)</P>
<P style="margin:0px; padding-left:48px">The Board of Directors of the Registrant has determined that it has an audit committee financial expert.</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">(a)(2)</P>
<P style="margin:0px; padding-left:48px">Arthur S. Mehlman and Patricia W. Chadwick were designated by the Board of Directors as the Registrant&#146;s Audit Committee Financial Experts, effective April 15, 2004 and April 8, 2010, respectively.
Mr. Mehlman and Ms. Chadwick are &#147;independent&#148; as defined under Item 3 of Form N-CSR.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 4. Principal Accountant Fees and Services.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">(a)</P>
<P style="margin:0px; padding-left:48px">Audit Fees:<BR>
Year ended December 31, 2011 - $27,500<BR>
Year ended December 31, 2010 - $27,000 </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">(b)</P>
<P style="margin:0px; padding-left:48px">Audit-Related Fees:<BR>
Year ended December 31, 2011 - $1,500 &#150; Preparation of reports to rating agency for Preferred Stock<BR>
Year ended December 31, 2010 - $1,500 &#150; Preparation of reports to rating agency for Preferred Stock </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">(c)</P>
<P style="margin:0px; padding-left:48px">Tax Fees:<BR>
Year ended December 31, 2011 - $6,900 - Preparation of tax returns<BR>
Year ended December 31, 2010 - $6,800 - Preparation of tax returns &nbsp;<BR>
</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">(d)</P>
<P style="margin:0px; padding-left:48px">All Other Fees:<BR>
Year ended December 31, 2011 - $0<BR>
Year ended December 31, 2010 - $0</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px" align=justify>(e)(1)</P>
<P style="margin:0px; text-indent:48px" align=justify>Annual Pre-Approval: On an annual basis, the Registrant&#146;s independent auditor submits to the Audit Committee a schedule of proposed audit, audit-related, tax and other non-audit services to
be rendered to the Registrant and/or investment adviser(s) for the following year that require pre-approval by the Audit Committee. This schedule provides a description of each type of service that is expected to require pre-approval and the maximum
fees that can be paid for each such service without further Audit Committee approval. The Audit Committee then reviews and determines whether to approve the types of scheduled services and the projected fees for them. Any subsequent revision to
already pre-approved services or fees (including fee increases) are presented for consideration at the next regularly scheduled Audit Committee meeting, as needed.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>If subsequent to the annual pre-approval of services and fees by the Audit Committee, the Registrant or one of its affiliates determines that it would like to engage the Registrant&#146;s independent
auditor to perform a service not already pre-approved, the request is to be submitted to the Registrant&#146;s Chief Financial Officer, and if he or she determines that the service fits within the independence guidelines (e.g., it is not a prohibited
service), he or she will then arrange for a discussion of the proposed service and fee to be included on the agenda for the next regularly scheduled Audit Committee meeting so that pre-approval can be considered.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>Interim Pre-Approval: If, in the judgment of the Registrant's Chief Financial Officer, a proposed engagement needs to commence before the next regularly scheduled Audit Committee meeting, he
or she shall submit a written summary of the proposed engagement to all members of the Audit Committee, outlining the services, the estimated maximum cost, the category of the services (e.g., audit, audit-related, tax or other) and the rationale for
engaging the Registrant&#146;s independent auditor to perform the services. To the extent the proposed engagement involves audit, audit-related or tax services, any individual member of the Audit Committee who is an independent Board member is
authorized to pre-approve the engagement. To the extent the proposed engagement involves non-audit services other than audit-related or tax, the Chairman of the Audit Committee is authorized to pre-approve the engagement. The Registrant&#146;s
Chief Financial Officer will arrange for this interim review and </P>

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<P style="margin:0px; text-indent:0px" align=justify>coordinate with the appropriate member(s) of the Committee. The independent auditor may not commence the engagement under consideration until the Registrant&#146;s Chief Financial
Officer has informed the auditor in writing that pre-approval has been obtained from the Audit Committee or an individual member who is an independent Board member. The member of the Audit Committee who pre-approves any engagements in between
regularly scheduled Audit Committee meetings is to report, for informational purposes only, any pre-approval decisions to the Audit Committee at its next regularly scheduled meeting.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px" align=justify>(e)(2)</P>
<P style="margin:0px; text-indent:48px" align=justify>Not Applicable</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">(f)</P>
<P style="margin:0px; text-indent:48px">Not Applicable</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px">(g)</P>
<P style="margin:0px; padding-left:48px">Year ended December 31, 2011 - $8,400<BR>
Year ended December 31, 2010 - $8,300</P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify>(h)</P>
<P style="margin:0px; padding-left:48px" align=justify>No such services were rendered during 2011 or 2010. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><B>Item 5. Audit Committee of Listed Registrants. </B>The Registrant has a separately designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934.
Patricia W. Chadwick, Richard M. Galkin, Stephen L. Isaacs, William L. Koke, Arthur S. Mehlman, David L. Meister and G. Peter O&#146;Brien are members of the Registrant&#146;s audit committee. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 6. &nbsp;Investments. </B></P>
<P style="margin:0px">(a) See Item 1.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(b) Not applicable.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. </B></P>
<P style="margin:0px" align=right>June 5, 2003, as amended<BR>
through October 22, 2009</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>Royce &amp; Associates Proxy Voting Guidelines and Procedures</B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>These procedures apply to Royce &amp; Associates, LLC (&#147;Royce&#148;) and all funds and other client accounts for which it is responsible for voting proxies, including all open and closed-end registered investment
companies (&#147;The Royce Funds&#148;), limited partnerships, limited liability companies, separate accounts, other accounts for which it acts as investment adviser and any accounts for which it acts as sub-adviser that have delegated proxy voting
authority to Royce. Such authority is determined at the inception of each client account and generally: (i) is specifically authorized in the applicable investment management agreement or other written instrument or (ii) where not specifically authorized,
is granted to Royce where general investment discretion is given to it in the applicable investment management agreement. The Boards of Trustees/Directors of The Royce Funds (the &#147;Boards&#148;) have delegated all proxy voting decisions to Royce
subject to these policies and procedures. Notwithstanding the above, from time to time the Boards may reserve voting authority for specific securities. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><U>Receipt of Proxy Material</U>. Under the continuous oversight of the Head of Administration, an Administrative Assistant designated by him is responsible for monitoring receipt of all proxies and ensuring that
proxies are received for all securities for which Royce has proxy voting responsibility. All proxy materials are logged in upon receipt by Royce&#146;s Librarian. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><U>Voting of Proxies</U>. Once proxy material has been logged in by Royce&#146;s Librarian, it is then promptly reviewed by the designated Administrative Assistant to evaluate the issues presented. Regularly recurring
matters are usually voted as recommended by the issuer&#146;s board of directors or &#147;management.&#148; The Head of Administration or his designee, in consultation with the Chief Investment Officer, develops and updates a list of matters Royce
treats as &#147;regularly recurring&#148; and is responsible for ensuring that the designated Administrative Assistant has an up-to-date list of these matters at all times, including instructions from Royce&#146;s Chief Investment Officer on how to vote
on those matters on behalf of Royce clients. Examples of &#147;regularly recurring&#148; matters include non-contested elections of directors and non-contested approval of independent auditors. Non-&#147;regularly recurring&#148; matters are
brought to </P>

<P style="margin:0px"><BR></P>
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<P style="margin:0px; text-indent:0px" align=justify>the attention of the portfolio manager(s) for the account(s) involved by the designated Administrative Assistant, and, after giving some consideration to advisories from Glass Lewis &amp; Co., an independent third party research firm, the portfolio
manager directs that such matters be voted in a way that he or she believes should better protect or enhance the value of the investment. If the portfolio manager determines that information concerning any proxy requires analysis, is missing or
incomplete, he or she then gives the proxy to an analyst or another portfolio manager for review and analysis.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>a.</P>
<P style="margin:0px; padding-left:120px" align=justify>From time to time, it is possible that one Royce portfolio manager will decide (i) to vote shares held in client accounts he or she manages differently from the vote of another Royce portfolio
manager whose client accounts hold the same security or (ii) to abstain from voting on behalf of client accounts he or she manages when another Royce portfolio manager is casting votes on behalf of other Royce client accounts. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:120px" align=justify>The designated Administrative Assistant reviews all proxy votes collected from Royce&#146;s portfolio managers prior to such votes being cast. If any difference exists among the voting instructions
given by Royce&#146;s portfolio managers, as described above, the designated Administrative Assistant then presents these proposed votes to the Head of Administration, or his designee, and the Chief Investment Officer. The Chief Investment Officer,
after consulting with the relevant portfolio managers, either reconciles the votes or authorizes the casting of differing votes by different portfolio managers. The Head of Administration, or his designee, maintains a log of all votes for which
different portfolio managers have cast differing votes, that describes the rationale for allowing such differing votes and contains the initials of both the Chief Investment Officer and Head of Administration, or his designee, allowing such differing
votes. The Head of Administration, or his designee, performs a weekly review of all votes cast by Royce to confirm that any conflicting votes were properly handled in accordance with the above-described procedures.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>b.</P>
<P style="margin:0px; padding-left:120px" align=justify>There are many circumstances that might cause Royce to vote against an issuer&#146;s board of directors or &#147;management&#148; proposal. These would include, among others, excessive
compensation, unusual management stock options, preferential voting and poison pills. The portfolio managers decide these issues on a case-by-case basis as described above.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>c.</P>
<P style="margin:0px; padding-left:120px" align=justify>A portfolio manager may, on occasion, determine to abstain from voting a proxy or a specific proxy item when he or she concludes that the potential benefit of voting is outweighed by the cost, when
it is not in the client account&#146;s best interest to vote.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>d.</P>
<P style="margin:0px; padding-left:120px" align=justify>When a client has authorized Royce to vote proxies on its behalf, Royce will generally not accept instructions from the clients regarding how to vote proxies.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>e.</P>
<P style="margin:0px; padding-left:120px" align=justify>If a security is on loan under The Royce Funds&#146; Securities Lending Program with State Street Bank and Trust Company (&#147;Loaned Securities&#148;), the Head of Administration, or his designee,
will recall the Loaned Securities and request that they be delivered within the customary settlement period after the notice, to permit the exercise of their voting rights if the number of shares of the security on loan would have a material effect on The
Royce Funds' voting power at the up-coming stockholder meeting. A material effect is defined as any case where the Loaned Securities are 1% or more of a class of a company&#146;s outstanding equity securities. Monthly, the Head of Administration or his
designee will review the summary of this activity by State Street. A quarterly report detailing any exceptions that occur in recalling Loaned Securities will be given to the Boards.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Custodian banks are authorized to release all proxy ballots held for Royce client account portfolios to Glass Lewis &amp; Co. for voting, utilizing the Viewpoint proxy voting platform. Substantially all portfolio companies
utilize Broadridge to collect their proxy votes. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Under the continuous oversight of the Head of Administration, or his designee, the designated Administrative Assistant is responsible for voting all proxies in a timely manner. Votes are returned to Broadridge using
Viewpoint as ballots are received, generally two weeks before the scheduled meeting date. The issuer can thus see that the shares were voted, but the actual vote cast is not released to the company until 4:00 pm on the day before the meeting. If proxies
must be mailed, they go out at least ten business days before the meeting date.</P>

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<P style="margin:0px" align=justify><U>Conflicts of Interest</U>. The designated Administrative Assistant reviews reports generated by Royce&#146;s portfolio management system (&#147;Quest PMS&#148;) that set forth by record date, any security held in a
Royce client account which is issued by a (i) public company that is, or a known affiliate of which is, a separate account client of Royce (including sub-advisory relationships), (ii) public company, or a known affiliate of a public company, that has
invested in a privately-offered pooled vehicle managed by Royce or (iii) public company, or a known affiliate of a public company, by which the spouse of a Royce employee or an immediate family member of a Royce employee living in the household of such
employee is employed, for the purpose of identifying any potential proxy votes that could present a conflict of interest for Royce. The Head of Administration, or his designee, develops and updates the list of such public companies or their known affiliates
which is used by Quest PMS to generate these daily reports. This list also contains information regarding the source of any potential conflict relating to such companies. Potential conflicts identified on the &#147;conflicts reports&#148; are brought to the
attention of the Head of Administration or his designee by the designated Administrative Assistant. An R&amp;A Compliance Officer then reviews them to determine if business or personal relationships exist between Royce, its officers, managers or employees
and the company that could present a material conflict of interest. Any such identified material conflicts are voted by Royce in accordance with the recommendation given by an independent third party research firm (Glass Lewis &amp; Co.). The Head of
Administration or his designee maintains a log of all such conflicts identified, the analysis of the conflict and the vote ultimately cast. Each entry in this log is signed by the Chief Investment Officer before
the relevant votes are cast.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><U>Recordkeeping</U>. A record of the issues and how they are voted is stored in the Viewpoint system. Copies of all physically executed proxy cards, all proxy statements (with it being permissible to rely on proxy
statements filed and available on Edgar) and any other documents created or reviewed that are material to making a decision on how to vote proxies are retained in the Company File maintained by Royce&#146;s Librarian in an easily accessible place for a
period of not less than six years from the end of the fiscal year during which the last entry was made on such record, the first two years at Royce&#146;s office. In addition, copies of each written client request for information on how Royce voted
proxies on behalf of that client, and a copy of any written response by Royce to any (written or oral) client request for information on how Royce voted proxies on behalf of that client will be maintained by Royce&#146;s Head of Administration and/or
Royce&#146;s Director of Alternative Investments, or their designee (depending on who received such request) for a period of not less than six years from the end of the fiscal year during which the last entry was made on such record, the first two years
at Royce&#146;s office. Royce&#146;s Compliance Department shall maintain a copy of any proxy voting policies and procedures in effect at any time within the last five years.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><U>Disclosure.</U> Royce&#146;s proxy voting procedures will be disclosed to clients upon commencement of a client account. Thereafter, proxy voting records and procedures are generally disclosed to those clients for
which Royce has authority to vote proxies as set forth below:</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>-</P>
<P style="margin:0px; padding-left:120px" align=justify>The Royce Funds &#150; proxy voting records are disclosed annually on Form N-PX (with such voting records also available at <FONT style="color:#0000FF"><U>www.roycefunds.com</U></FONT>). Proxy voting
procedures are available in the Statement of Additional Information for the open-end funds, in the annual report on Form N-CSR for the closed-end funds and at <FONT style="color:#0000FF"><U>www.roycefunds.com</U></FONT>. </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>-</P>
<P style="margin:0px; padding-left:120px" align=justify>Limited Liability Company and Limited Partnership Accounts &#150; proxy voting records are disclosed to members/partners upon request and proxy voting procedures (along with a summary thereof) are
provided to members/partners annually (and are available at <FONT style="color:#0000FF"><U>www.roycefunds.com</U></FONT>). </P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>-</P>
<P style="margin:0px; padding-left:120px" align=justify>Separate Accounts &#150; proxy voting records and procedures are disclosed to separate account clients annually.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><B>Item 8. &nbsp;Portfolio Managers of Closed-End Management Investment Companies. </B></P>
<P style="margin:0px">(a)(1) Portfolio Managers of Closed-End Management Investment Companies (information as of December 31, 2011)</P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD NOWRAP></TD><TD></TD><TD NOWRAP></TD><TD></TD></TR>
<TR><TD STYLE="border:1px solid #000000" VALIGN="top" NOWRAP><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B><U>Name</U></B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B><U>Title </U></B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B><U>Length of Service</U></B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B><U>Principal Occupation(s) During Past 5 Years</U></B></P>
</TD></TR>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">W. Whitney<BR>George</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Vice President and Portfolio Manager of the Registrant </P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top" NOWRAP><P style="line-height:11pt; margin-left:3px; font-size:9pt">Since July 2002</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="line-height:11pt; margin-left:3px; font-size:9pt">Co-Chief Investment Officer, Managing Director and Vice President of Royce &amp; Associates,
LLC (&#147;Royce&#148;), investment adviser to the Registrant; Vice President of the Registrant, Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc., Royce Focus Trust, Inc., The Royce Fund and Royce Capital Fund (collectively, &#147;The Royce Funds&#148;).</P>
</TD></TR>
</TABLE>

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<P style="margin:0px" align=justify>(a)(2) Other Accounts Managed by Portfolio Manager and Potential Conflicts of Interest (information as of December 31, 2011)</P>
<P style="margin:0px" align=justify>&nbsp;</P>
<P style="margin:0px" align=justify><B><U>Other Accounts</U></B></P>
<TABLE style="font-size:10pt" cellspacing=0 width=100%><TR height=0 style="font-size:0"><TD></TD><TD></TD><TD></TD><TD></TD><TD></TD></TR>
<TR><TD STYLE="border:1px solid #000000" VALIGN="top"><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B><U>Type of Account</U></B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B>Number of <BR><U>Accounts Managed</U></B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B>Total <BR>
<U>Assets Managed </U></B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B>Number of Accounts<BR>
&nbsp;Managed for which<BR>
&nbsp;Advisory Fee is<BR>
<U>&nbsp;Performance-Based</U></B></P>
</TD><TD STYLE="border-top:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px"><BR></P>
<P style="margin-left:3px"><B>Value of Managed<BR>
&nbsp;Accounts for which<BR>
&nbsp;Advisory Fee is<BR>
&nbsp;<U>Performance Based</U></B></P>
</TD></TR>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>Registered investment companies</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px">12</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>$16,235,339,323</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>1</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>$22,504,484</P>
</TD></TR>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>Private pooled<BR>
&nbsp;investment vehicles</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>5</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>$1,059,235,000</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>1</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>$116,766,000</P>
</TD></TR>
<TR><TD STYLE="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>Other accounts*</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>1</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>$30,934,057</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>-</P>
</TD><TD STYLE="border-right:1px solid #000000; border-bottom:1px solid #000000" VALIGN="top"><P style="margin-left:3px" align=justify>-</P>
</TD></TR>
</TABLE>
<P style="line-height:10pt; margin:0px; font-size:8pt" align=justify>*Other accounts include all other accounts managed by the Portfolio Manager in either a professional or personal capacity except for personal accounts subject to pre-approval and reporting
requirements under the Registrant&#146;s Rule 17j-1 Code of Ethics. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><B><U>Conflicts of Interest</U></B></P>
<P style="margin:0px; text-indent:48px" align=justify>The fact that the Portfolio Manager has day-to-day management responsibility for more than one client account may create actual, potential or only apparent conflicts of interest. For example, the Portfolio
Manager may have an opportunity to purchase securities of limited availability. In this circumstance, the Portfolio Manager is expected to review each account's investment guidelines, restrictions, tax considerations, cash balances, liquidity needs and other
factors to determine the suitability of the investment for each account and to ensure that his managed accounts are treated equitably. The Portfolio Manager may also decide to purchase or sell the same security for multiple managed accounts at approximately
the same time. To address any conflicts that this situation may create, the Portfolio Manager will generally combine managed account orders (i.e., enter a &quot;bunched&quot; order) in an effort to obtain best execution or a more favorable commission rate.
In addition, if orders to buy or sell a security for multiple accounts managed by common Portfolio Managers on the same day are executed at different prices or commission rates, the transactions will generally be allocated by Royce &amp; Associates, LLC
(&#147;Royce&#148;) to each of such managed accounts at the weighted average execution price and commission. In circumstances where a pre-allocated bunched order is not completely filled, each account will normally receive a pro-rated portion of the
securities based upon the account's level of participation in the order. Royce may under certain circumstances allocate securities in a manner other than pro-rata if it determines that the allocation is fair and equitable under the circumstances and
does not discriminate against any account. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>As described below, there is a revenue-based component of the Portfolio Manager's Performance-Related Variable Compensation and the Portfolio Manager also receives Firm-Related Variable Compensation based
on revenues (adjusted for certain imputed expenses) generated by Royce. In addition, the Portfolio Manager receives variable compensation based on Royce's retained pre-tax profits from operations. As a result, the Portfolio Manager may receive a greater
relative benefit from activities that increase the value to Royce of The Royce Funds and/or other Royce client accounts, including, but not limited to, increases in sales of the Registrant&#146;s shares and assets under management.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>Also, as described above, the Portfolio Manager generally manages more than one client account, including, among others, registered investment company accounts, separate accounts and private pooled accounts
managed on behalf of institutions (e.g., pension funds, endowments and foundations) and for high-net-worth individuals. The appearance of a conflict of interest may arise where Royce has an incentive, such as a performance-based management fee (or any other
variation in the level of fees payable by The Royce Funds or other Royce client accounts to Royce), which relates to the management of one or more of The Royce Funds or accounts with respect to which the Portfolio Manager has day-to-day management
responsibilities. One registered investment company account, Royce Global Select Fund, for which the Portfolio Manager serves as Assistant Portfolio Manager, pays Royce a performance-based fee. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>Finally, conflicts of interest may arise when the Portfolio Manager personally buys, holds or sells securities held or to be purchased or sold for the Registrant or other Royce client account or
personally buys, holds or sells the shares of one or more of The Royce Funds. To address this, Royce has adopted a written Code of Ethics designed to prevent and detect personal trading activities that may interfere or conflict with client interests
(including Registrant&#146;s stockholders' interests). Royce generally does not permit its Portfolio Managers to purchase small- or micro-cap securities in their personal investment portfolios.</P>

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<P style="margin-top:0px; margin-bottom:-16px" align=justify><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></P>
<P style="margin:0px; text-indent:48px" align=justify>Royce and The Royce Funds have adopted certain compliance procedures which are designed to address the above-described types of conflicts. However, there is no guarantee that such procedures will
detect each and every situation in which a conflict arises.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>(a)(3) Description of Portfolio Manager Compensation Structure (information as of December 31, 2011)</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>Royce seeks to maintain a compensation program that is competitively positioned to attract and retain high-caliber investment professionals. The Portfolio Manager, receives from Royce a base salary,
Performance-Related Variable Compensation, Firm-Related Variable Compensation based primarily on registered investment company and other client account revenues generated by Royce and a benefits package. Portfolio Manager compensation is reviewed and may
be modified from time to time as appropriate to reflect changes in the market, as well as to adjust the factors used to determine variable compensation. Except as described below, the Portfolio Manager's compensation consists of the following elements:</P>
<P style="margin:0px" align=justify><BR></P>


<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>-</P>
<P style="margin:0px; padding-left:120px" align=justify>BASE SALARY. The Portfolio Manager is paid a base salary. In setting the base salary, Royce seeks to be competitive in light of the Portfolio Manager's experience and responsibilities.</P>

<P style="margin:0px" align=justify><BR></P>

<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>-</P>
<P style="margin:0px; padding-left:120px" align=justify>PERFORMANCE-RELATED VARIABLE COMPENSATION. The Portfolio Manager receives quarterly Performance-Related Variable Compensation that is either asset-based, or revenue-based and therefore in
part based on the value of the net assets of the account for which he is being compensated, determined with reference to each of the registered investment company and other client accounts he is managing. The Performance-Related Variable Compensation
applicable to the registered investment company accounts managed by the Portfolio Manager is subject to downward adjustment or elimination based on a combination of 3-year, 5-year and 10-year risk-adjusted pre-tax returns of such accounts relative to all
small-cap objective funds with three years of history tracked by Morningstar (as of December 31, 2011 there were 371 such Funds tracked by Morningstar), 5-year absolute returns of such accounts relative to 5-year U.S. Treasury Notes and absolute returns
over the prior full market cycle and current cycle to date vs. the accounts&#146; benchmark. The Performance-Related Variable Compensation applicable to non-registered investment company accounts managed by the Portfolio Manager, and to Royce Select Funds,
is not subject to performance-related adjustment.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>Payment of the Performance-Related Variable Compensation may be deferred, and any amounts deferred are forfeitable, if the Portfolio Manager is terminated by Royce with or without cause or resigns. The
amount of the deferred Performance-Related Variable Compensation will appreciate or depreciate during the deferral period, based on the total return performance of one or more Royce-managed registered investment company accounts selected by the Portfolio
Manager at the beginning of the deferral period. The amount deferred will depend on the Portfolio Manager's total direct, indirect beneficial and deferred unvested investments in the Royce registered investment company account for which he or she is
receiving portfolio management compensation.</P>
<P style="margin:0px" align=justify><BR></P>


<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>-</P>
<P style="margin:0px; padding-left:120px" align=justify>FIRM-RELATED VARIABLE COMPENSATION. The Portfolio Manager receives quarterly variable compensation based on Royce's net revenues.</P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:120px; text-indent:-24px" align=justify>-</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; padding-left:120px" align=justify>BENEFIT PACKAGE. The Portfolio Manager also receives benefits standard for all Royce employees, including health care and other insurance benefits, and participation in Royce's 401(k)
Plan and Money Purchase Pension Plan. From time to time, on a purely discretionary basis, the Portfolio Manager may also receive options to acquire stock in Royce's parent company, Legg Mason, Inc. Those options typically represent a relatively small
portion of the Portfolio Managers' overall compensation.</P>

<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px; text-indent:48px" align=justify>The Portfolio Manager, in addition to the above-described compensation, also receives variable compensation based on Royce's retained pre-tax operating profit. This variable compensation, along with the
Performance-Related Variable Compensation and Firm-Related Variable Compensation, generally represents the most significant element of the Portfolio Manager&#146;s compensation. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>(a)(4) Dollar Range of Equity Securities in Registrant Beneficially Owned by Portfolio Manager (information as of December 31, 2011)</P>

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<P style="margin:0px; text-indent:48px" align=justify>The following table shows the dollar range of the Registrant&#146;s shares owned beneficially and of record by the Portfolio Manager, including investments by his immediately family members sharing the
same household and amounts invested through retirement and deferred compensation plans. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B><U>Dollar Range of Registrant&#146;s Shares Beneficially Owned<BR>
</U></B>Over $1,000,000</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(b) Not Applicable. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. </B>Not Applicable. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 10. Submission of Matters to a Vote of Security Holders. </B>Not Applicable. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 11. Controls and Procedures. </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(a) Disclosure Controls and Procedures. The Principal Executive and Financial Officers concluded that the Registrant's Disclosure Controls and Procedures are effective based on their evaluation of the Disclosure Controls and Procedures
as of a date within 90 days of the filing date of this report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(b) Internal Control over Financial Reporting. There were no significant changes in Registrant's internal control over financial reporting or in other factors that could significantly affect this control subsequent to the date of the
evaluation, including any corrective actions with regard to significant deficiencies and material weaknesses during the second fiscal quarter of the period covered by this report. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 12. </B>&nbsp;<B>Exhibits.</B> &nbsp;Attached hereto. </P>
<P style="margin:0px">&nbsp;(a)(1) The Registrant&#146;s code of ethics pursuant to Item 2 of Form N-CSR.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(a)(2) Separate certifications by the Registrant&#146;s Principal Executive Officer and Principal Financial Officer as required by Rule 30a-2(a) under the Investment Company Act of 1940. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(a)(3) Not Applicable</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">(b) Separate certifications by the Registrant&#146;s Principal Executive Officer and Principal Financial Officer, pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and required by Rule 30a-2(b) under the Investment Company Act of 1940.</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px"><B>ROYCE FOCUS TRUST, INC. </B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">BY: <U>/s/Charles M. Royce</U></P>
<P style="margin:0px; padding-left:24px"><B>Charles M. Royce<BR>
President</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Date: February 27, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px" align=center><BR></P>
<P style="margin-top:0px; margin-bottom:-16px"><B>ROYCE FOCUS TRUST, INC. </B></P>
<P style="margin:0px; text-indent:336px"><B>ROYCE FOCUS TRUST, INC.</B></P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px">BY:<U>/s/Charles M. Royce</U></P>
<P style="margin:0px; text-indent:336px">BY: <U>/s/John D. Diederich</U></P>
<P style="margin-top:0px; margin-bottom:-16px; text-indent:24px"><B>Charles M. Royce</B></P>
<P style="margin:0px; text-indent:360px"><B>John D. Diederich</B></P>
<P style="margin-top:0px; margin-bottom:-16px; text-indent:24px"><B>President</B></P>
<P style="margin:0px; text-indent:360px; margin-bottom:16px"><B>Chief Financial Officer</B></P>
<P style="margin-top:0px; margin-bottom:-16px">Date: February 27, 2012</P>
<P style="margin:0px; text-indent:336px">Date: February 27, 2012</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
</P>

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<DOCUMENT>
<TYPE>EX-99.(A)(1)
<SEQUENCE>2
<FILENAME>ex12a1.htm
<DESCRIPTION>EX-99.(A)(1)
<TEXT>
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<HEAD>
<TITLE>UNITED STATES </TITLE>
<META NAME="author" CONTENT="dani">
<META NAME="date" CONTENT="02/29/2012">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; text-indent:0px" align=justify><P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>EXHIBITS</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 12(a)(1):</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=right><B>September 2003</B></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>CODE OF ETHICS</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>FOR COVERED OFFICERS OF THE ROYCE FUNDS</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Boards of Directors/Trustees of The Royce Fund, Royce Capital Fund, Royce Value Trust, Inc., Royce Micro-Cap Trust, Inc. and Royce Focus Trust, Inc. (each, a &#147;Fund&#148; and collectively, &#147;The Royce Funds&#148;)
have adopted the following Code of Ethics (the &#147;Code&#148;) applicable to its President, Chief Financial Officer and Manager of Fund Accounting (&#147;Covered Officers&#148;) of The Royce Funds to ensure the continuing integrity of financial reporting and
transactions. The names of the Covered Officers covered by the Code are listed on Schedule A hereto.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>I.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Separate Code</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>This Code is the sole code of ethics adopted by the Funds for purposes of Section 406 of the Sarbanes-Oxley Act of 2002. The Funds&#146; and Royce &amp; Associates, LLC&#146;s (&#147;R&amp;A&#148;), the investment adviser to
The Royce Funds, code of ethics under Rule 17j-1 under the Investment Company Act of 1940 (the &#147;Investment Company Act&#148;) are separate requirements applying to the Covered Officers and others, and are not part of this Code. In addition to this Code,
the Investment Company Act, and the Investment Advisers Act of 1940 (the &#147;Advisers Act&#148;) and rules promulgated thereunder contain numerous specific provisions designed to protect the Funds from conflicts of interest and overreaching. Any conduct by
Covered Officers required by specific Investment Company Act or Advisers Act provisions or the rules thereunder is presumed to be in compliance with this Code. Each Covered Officer is accountable for his or her adherence to this Code. Any violation of this
Code by a Covered Officer may result in disciplinary action, including immediate dismissal. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>II.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Requirements</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>All Covered Officers must:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>1.</P>
<P style="margin:0px; padding-left:96px" align=justify>Engage in and promote honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>2.</P>
<P style="margin:0px; padding-left:96px" align=justify>Act responsibly in producing and produce, full, fair, accurate, timely and understandable disclosure in reports and documents that the Funds file with, or submit to, the Securities and Exchange Commission
(the &#147;SEC&#148;) and in other public communications made by each of the Funds;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>3.</P>
<P style="margin:0px; padding-left:96px" align=justify>Comply with applicable governmental laws, rules and regulations;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-48px" align=justify>4.</P>
<P style="margin:0px; padding-left:96px" align=justify>Promptly report suspected material violations of this Code, including violations of securities laws or other laws, rules and regulations applicable to a Fund, to R&amp;A&#146;s General Counsel and the
Fund&#146;s Audit Committee.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Each Covered Officer must act with integrity, including being honest and candid while still maintaining the confidentiality of information where required by law, and place the interests of The Royce Funds before the Covered
Officer&#146;s own personal interests.</P>

<P style="margin:0px" align=justify><BR></P>

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<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=justify>Each Covered Officer is required to familiarize himself or herself with the disclosure requirements applicable to each of the Funds and must not knowingly misrepresent or fail to disclose, or cause others to misrepresent or
fail to disclose, material facts about a Fund to others, including but not limited to officers of and counsel to The Royce Funds, and their respective independent directors, independent auditors and governmental regulators.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>III.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Avoidance of Conflicts</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The overarching principle of this Code is that the personal interests of a Covered Officer should not be placed improperly before the interests of The Royce Funds. As a result, each Covered Officer must: (i) handle any actual
or apparent conflict of interest in an ethical manner, (ii) not use his or her personal influence or personal relationships to influence investment decisions or financial reporting by a Fund whereby the Covered Officer would benefit personally (directly or
indirectly) to the detriment of the Fund; (iii) not cause a Fund to take action, or fail to take action, for the personal benefit of the Covered Officer rather than the benefit of such Fund; and (iv) not use for his or her personal benefit (directly or
indirectly) any material non-public knowledge pertaining to a Fund. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between The Royce Funds and R&amp;A, of which the Covered Officers are
also officers and/or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for a Fund or for R&amp;A, or for both), be involved in establishing policies and implementing decisions
that will have different effects on R&amp;A and the Fund. The participation of the Covered Officers in such activities is inherent in the contractual relationship between each of The Royce Funds and R&amp;A and is consistent with the performance by the
Covered Officers of their duties as officers and/or employees of The Royce Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Advisers Act, such activities will be deemed to have been handled ethically.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The following conflict of interest situations must be disclosed by a Covered Officer to, and pre-approved in writing by, the General Counsel if material. Examples of these include:</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:96px" align=justify>service as a director on the board of any public company;</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:96px" align=justify>any ownership interest in, or any consulting or employment relationship with, any of The Royce Funds&#146; service providers, other than its investment adviser, principal underwriter, administrator or
any affiliated person thereof; or</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:96px; text-indent:-24px; font-family:Symbol" align=justify>&#183;</P>
<P style="margin:0px; padding-left:96px" align=justify>a direct or indirect financial interest in commissions, transaction charges or spreads paid by any Fund for effecting portfolio transactions.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>IV.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Materiality</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>In the event a Covered Officer has any doubt as to (i) whether a suspected violation of this Code would be considered material, (ii) whether information relating to a Fund is of a material nature and therefore subject to
public disclosure, (iii) whether non-public knowledge pertaining to a Fund is material in nature, or (iv) whether a particular conflict of interest is material, he or she should seek the advice of R&amp;A&#146;s General Counsel.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>V.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Compliance and Annual Acknowledgment</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Each Covered Officer is required: (i) upon receipt of the Code, to sign and submit to R&amp;A&#146;s General Counsel an acknowledgment stating that he or she has received, read and understands the Code; (ii) annually
thereafter to submit a statement to R&amp;A&#146;s General Counsel confirming that he or she has received, read and understands the Code and has complied with the requirements of the Code; (iii) not to retaliate against any employee subordinate to the
Covered Officer for reports of potential violations that are made in good faith; and (iv) to notify R&amp;A&#146;s General Counsel, as appropriate, if the Covered Officer observes any irregularities or violations of this Code.</P>
<P style="margin:0px" align=justify><BR></P>

<P style="margin:0px" align=justify><BR></P>

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<P style="margin:0px" align=justify><BR></P>

<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>VI.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Enforcement of the Code</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Royce Funds will adhere to the following procedures when investigating and enforcing this Code: (i) R&amp;A&#146;s General Counsel will take all appropriate action to investigate any potential violations reported to
him or her; (ii) if R&amp;A&#146;s General Counsel determines that a violation has occurred, he or she will take all appropriate disciplinary or preventive action and inform the Fund&#146;s Board of Directors/Trustees of his or her decision; (iii) all changes
to or waivers of this Code will, to the extent required, be disclosed on Form N-CSR or otherwise as required by SEC rules; and (iv) any waiver sought by the President of The Royce Funds will be considered by The Royce Funds&#146; Audit Committees prior to
approval of the waiver.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>VII.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Amendments </U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Except with respect to Schedule A hereto, which may be updated at any time, this Code may be amended only by the Board of Directors/Trustees of each Fund at a meeting of such Board duly called for that purpose. </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>VIII.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Confidentiality</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>All reports and records prepared or maintained pursuant to this Code will be considered confidential and will be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall
not be disclosed to anyone other than the appropriate Board and its counsel and R&amp;A and its affiliated persons.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:48px; text-indent:-48px" align=justify><B>IX.</B></P>
<P style="margin:0px; padding-left:48px" align=justify><B><U>Internal Use</U></B></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>The Code is intended solely for internal use by The Royce Funds and does not constitute the admission, by or on behalf of any Fund, as to any fact, circumstances or legal conclusion.</P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify>Date: September 17, 2003 </P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px" align=justify><BR>
<BR></P>


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<P style="margin:0px" align=justify><BR></P>
<P style="line-height:15pt; margin:0px; font-size:13pt" align=center><B><U>SCHEDULE A</U></B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Charles M. Royce</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>John D. Diederich</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center>Mary Macchia</P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=justify><BR></P>
<P style="margin:0px"><BR>
<BR></P>

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<DOCUMENT>
<TYPE>EX-99.(A)(2)
<SEQUENCE>3
<FILENAME>ex12a2.htm
<DESCRIPTION>EX-99.(A)(2)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES </TITLE>
<META NAME="author" CONTENT="dani">
<META NAME="date" CONTENT="02/29/2012">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>

<P style="margin:0px"><B>Item 12(a)(2):</B></P>

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<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><BR>
<B><U>CERTIFICATIONS <BR>
</U></B></P>
<P style="margin:0px">I, Charles M. Royce, certify that: </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px">1.</P>
<P style="margin:0px; padding-left:24px">I have reviewed this report on Form N-CSR of Royce Focus Trust, Inc.; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">4. The registrant's other certifying officer 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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report based on such evaluation; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is
reasonably likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">5. The registrant's other certifying officer 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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">Date: February 27, 2012 </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:336px; text-indent:0.2px"><U>/s/ Charles M. Royce</U></P>
<P style="margin:0px; padding-left:336px; text-indent:0.2px">Charles M. Royce<BR>
President</P>

<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>

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<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 12(a)(2):</B></P>

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<P style="margin:0px" align=center><B><U>CERTIFICATIONS </U></B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">I, John D. Diederich, certify that: </P>
<P style="margin:0px"><BR></P>
<P style="margin-top:0px; margin-bottom:-16px; padding-left:24px; text-indent:-24px">1.</P>
<P style="margin:0px; padding-left:24px">I have reviewed this report on Form N-CSR of Royce Focus Trust, Inc.; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows
(if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report; </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">4. The registrant's other certifying officer 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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">c) evaluated the effectiveness of the registrant&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days
prior to the filing date of this report based on such evaluation; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">d) disclosed in this report any change in the registrant&#146;s internal control over financial reporting that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably
likely to materially affect, the registrant&#146;s internal control over financial reporting; and</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">5. The registrant's other certifying officer 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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">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="margin:0px"><BR></P>
<P style="margin:0px">Date: February 27, 2012 </P>
<P style="margin:0px">&nbsp;</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px; padding-left:344px"><U>/s/ John D. Diederich</U></P>
<P style="margin:0px; padding-left:344px">John D. Diederich<BR>
Chief Financial Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>

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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.(B)
<SEQUENCE>4
<FILENAME>ex12b.htm
<DESCRIPTION>EX-99.(B)
<TEXT>
<!doctype html public "-//IETF//DTD HTML//EN">
<HTML>
<HEAD>
<TITLE>UNITED STATES </TITLE>
<META NAME="author" CONTENT="dani">
<META NAME="date" CONTENT="02/29/2012">
</HEAD>
<BODY style="line-height:12pt; font-family:Times New Roman; font-size:10pt; color:#000000">
<DIV style="width:100%"><P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><B>Item 12(b):</B></P>
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<P style="margin:0px"><BR></P>
<P style="margin:0px" align=center><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, </B></P>
<P style="margin:0px" align=center><B>AS ADOPTED PURSUANT TO </B></P>
<P style="margin:0px" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Name of Issuer: ROYCE FOCUS TRUST, INC. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that: </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">2. The information contained in the Report fairly presents, in all materials respects, the financial condition and results of operations of the issuer. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date: February 27, 2012</P>
<P style="margin:0px; padding-left:352px"><U>/s/Charles M. Royce</U></P>
<P style="margin:0px; padding-left:352px">Charles M. Royce<BR>
President</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

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<PAGE>

<P style="margin:0px"><BR></P>

<P style="margin:0px"><B>Item 12(b): </B></P>
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<P style="margin:0px" align=center><BR></P>
<P style="margin:0px" align=center><B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, </B></P>
<P style="margin:0px" align=center><B>AS ADOPTED PURSUANT TO </B></P>
<P style="margin:0px" align=center><B>SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="margin:0px" align=center><BR></P>
<P style="margin:0px">Name of Issuer: ROYCE FOCUS TRUST, INC. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">In connection with the Report on Form N-CSR of the above-named issuer that is accompanied by this certification, the undersigned hereby certifies, to his knowledge, that: </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">1. The Report fully complies with the requirements of Section 13(a) or 15 (d) of the Securities Exchange Act of 1934; and </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">2. The information contained in the Report fairly presents, in all materials respects, the financial condition and results of operations of the issuer. </P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR></P>
<P style="margin:0px">Date: February 27, 2012</P>
<P style="margin:0px; padding-left:400px; padding-right:-12px"><U>/s/ John D. Diederich</U></P>
<P style="margin:0px; padding-left:400px">John D. Diederich<BR>
Chief Financial Officer</P>
<P style="margin:0px"><BR></P>
<P style="margin:0px"><BR>
<BR></P>

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</BODY>
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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>5
<FILENAME>cmr-sign.jpg
<DESCRIPTION>GRAPHIC
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<SEQUENCE>6
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
